The rollover to the new September contract will bring it back up to the neckline, according to theory that is the time to short.
yes, pretty ugly sight, and prospects of course...have a look back at '04 and the 4tops retracement took place there; same thing cud well happen here. the drop was a touch more than 1000points [100spx], now, we dropped just about 700 from the highs... it reasonable to think we cud keep droppin' in a similar pattern, innit[?]
the downside measurments on this intraday chart are almost done. let's see if it rallies from around this level shortly [no pun intented]
I hope it was a profitable 'lucky guess'!!!! Excellent call....we had an objective of 10812 on this move, its actaully the last of our current profit objectives on the shorts from last month. We are quantatative but I have in interest in TA & somewhere on this thread there is a mention of a move back towards the 'neck line' around Jun/Sep rollover. a) Where would that put the neckline around rollover? b) What eveidence is there that correlates a rollover to a technical level on a chart? or is it just coincidence this time? peace & profit
you should be more concerned with the double top it seems to be making on the monthly chart, starting in 1999. if that triggers, we might be going down to 3600!