OIH back down testing its 21-day MA again here at 103.37 Will it hold again? If not, the 40 day MA is coming through at 101.55 Very important levels.
Just an FYI: EWI reminds us that today, August 14th is "Phi Day" because it falls proportionally at 0.618 of the time from Jan 1st to Dec. 31st. The Astro-Cycle guys are out in full force the month of August as well... "On Friday, August 14, the very important Sun-Jupiter opposition takes place. Historically this aspect has a 75% correlation to primary or greater cycles within ten trading days. And 50% of the time, it is a 50-week or greater cycle. We are in that time band now, and the market is making a new high for the 50-week cycle. On Monday, August 17, the Sun will then be in opposition to Neptune, another Level One signature with a 74% correlation to primary or greater cycles within 13 trading days. The passage of the Sun in opposition to both Jupiter and Neptune is known as a âtranslationâ to the Jupiter-Neptune conjunction. Then, on Tuesday, August 18, Mars will form a waxing square to Uranus. This powerful signature has a 76% correlation to primary or greater cycles within 9 trading days. It will also mark the end of Mars' âtranslationâ to the Saturn-Uranus opposition, which began Monday, August 10. But note that Mars, Jupiter, and Uranus are present during this cluster, especially August 14-18. This could get interesting." Mike Merriman http://www.mmacycles.com/weekly-pre...ments-for-the-week-beginning-august-10,-2009/
Yes, that would be an "ideal" C=A. Only problem is that the OIH loves to find support at the 40 day MA on the Daily charts. Run the 40, and you will see what I mean.
And dont forget next week starts the .382 retracement peiod in terms of time from the all time high to the March low. I wish i had a good daily chart to count it out and pin it down closer , but for that reason im expecting a decent top in the next 2 weeks.
We should dip at least below 992 swing low on the SPX ... Patterns full of 3's so the bears can not get too excited with that "worlds going to end" P(3) option...
mike jenkins, a reputable gann guy , also had today as a secondary cycle date if his primary didnt pan out on aug 9