First Super Bottom = 10447.85 near the first consolidation level at 10446.6 Next Super Bottom = 10418.19 near the next consolidation level at 10420.7
After yesterday's consolidation the trend resumed that is to say in my vocabulary we "backwarded in time and price" to yesterday and you can see 10537 the Feynman Local Top on the left chart : this is nearly today's top at 10537.35. For Backwardation and Feynman-like effect see the funny post http://www.elitetrader.com/vb/showt...rpage=6&highlight=feynman effect&pagenumber=6 "Why I call Backwardation in time Feynman-like effect" Now this was confirmed by today's chart you can see 10534 below which confirmed the backwarded value of 10537 above but this latter is more precise in general although by only 3 points in that case. <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=484942>
BTW I have made fun with ATT vocal synthesis http://www.research.att.com/projects/tts/demo.html and so immortalised this forecast with a video in falsh format and att speech comment Please don't play it online but download it rather because it is 11Mo www.econometric-wave.com/demos/dji_230404_for_260404.swf.html www.econometric-wave.com/demos/dji_230404_for_260404.swf (I will delete it tomorrow).
Low today: 10334.02 so we have just made the weekly consolidation at 10334.4 theorically (see below on the blue consolidation line) and close near the daily at 10344.3. (see above on the green line). Optimal bearish target not reached yet on the weekly so more to come potentially. [/B][/QUOTE]
Since the labels of the blue consolidation line is on the bottom and the labels of the projection line is at the top it may be not evident for those not accustomed so I have circled the points: <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=486015>
This market is so predictable I get bored ... I will come back this we. Watch out: if ever we broke the last support at 10138.6 this would be really dangerous for mid term trend for the Bulls. Now 10334.4 is a strong theorical support it is not broken yet since we just made a low at 10334.