Measured-Move Complete at 1375

Discussion in 'Trading' started by Landis82, Aug 16, 2007.

  1. First leg off the highs was 128 points.
    Subtract 128 off the counter-trend rally high at 1503 . . .


    Measured-move complete.
    Am done playing the short-side.

  2. Great job Wags.
  3. Thank you Sir!
  4. Big AAPL

    Big AAPL

    Beautiful call. Just about spot-on. Great job!
  5. una11


    Yes, outstanding. That is what I like to see, trading calls backed by analysis, not useless drivel like "IT'S THE END OF AMERICA!!!!11".
  6. I'm with you waggie, you beat me to the punch by a few points, but am out of all index shorts.
  7. Brilliant call.
  8. I mentioned this "measured-move" target to Pabst and Longhorns over a week ago via e-mail. The counter-trend high at 1503 gave you the necessary info to look for atleast a .618% ratio of the initial leg down (to 1424) or a full "measured-move" target of 1375 which equaled the first leg down of 128 points.

    I also posted this target earlier this week.
    Just a classic technical tool from my floor trader days in NYC.
  9. Sending you a PM to add me to that email list buddy :D
  10. Thanks!

    The SPX just retraced 61.8% of the move off of the lows back to 1482.

    Put in an intra-day double-bottom and is now powering higher!
    #10     Aug 16, 2007