Most of you know that candlesticks were invented in 19th century Japan for use in the rice trade, and only revealed to the West nearly a century later. In a recent research sabbatical to China I discovered an even older technique used in the soybean trade to mark likely levels of price recession and panic selling. This technique transliterates roughly into Iccan-Obif, and has five levels, three of them remarkably similar to those used in the West: .83, .67, .5, .42 and .26. The attachment shows the astonishing performance of Iccan-Obif in the current leg of $NDX on the daily chart.
That's pretty amazine Joe. So what are the markets going to do tomorrow (is always the question), LOL.
As with all of my Nuevo-TexMex-TA tools, it is my gift to ET for inadvertently providing me with so many price research ideas over the years. For the discerning there is a subtle lesson here regarding the validity of perceived price levels.