probably very soon now, CCI on 240 TF is showing 433 and top of channel is pretty close. 73 would be my guess
The top will come in when there is more sellers than buyers. No one knows what the number will be and I don't know why anyone would care. As a trader, all that should matter to you is that there are more buyers than sellers, so every pull-back, flag, sideways, etc should be bought. Could the top be today, next week, next month, next year? Yea, but it really doesn't matter. All that matters to me is that I am on the right side of the market and my account balance is increasing. I'll leave the top picking to the Robert Prechters of the world who make their money selling predictions, not by trading.
Good for you Donkee, intrested in areas of resistance and what is out there. Probably no one would suggest that you are a preacher by your comments...... any suggestions on support and resistance?
Anyone make some money off of my call? Pretty dang trendy if ya ask me, big range expansion.. pat myself on the back. Now if only I would have stuck to my plan...
Resistance implys that price has traded there before and there would be sellers who would like to sell if we hit that price again. Since the DJII is at a new high, there will be no resistance until there is a pull-back and a failed test of the high. SPX old high is 1552 RUT old high is 785 NDX old high from Jan 2006 is 1762 Might we top out before then? Of course we might, but rarely is a top formed as a V shape (upside down) in stock indexes. Most are of them are of the M form. So, don't look for a big time high until we make a high, pull-back, and re-test.