Target for S&P Triangle Breakout? (Picture Attached)

Discussion in 'Trading' started by MKTrader, Oct 29, 2008.

  1. And interestingly enough, a 61.8% fibonacci retracement of the recent leg down in the SPX from 1313 on August 11th to the low at 839.80 gives you a possible target of:

    1132.

    :)

    NOTE: For Elliott Wave followers ( Art Cashin being one of them ), a 5th and final leg down is in the offing. Thus, we may not see such a large fib retracement to the upside, but rather something around 38.2%, or even smaller.
     
    #11     Oct 29, 2008
  2. MKTrader

    MKTrader

    Thanks, guys. That's helpful.

     
    #12     Oct 29, 2008
  3. And there is ugly bailout gap at 1109 that needs to be closed ass quick as possible.
     
    #13     Oct 29, 2008
  4. Using your brain, (stock trad3r), you will never be anything, especially rich. You know absolutely nothing and think you know everything.
     
    #14     Oct 29, 2008
  5. True...lets just stick with fundamentals like you..
    How'd you do?
    PO PO PO...
     
    #15     Oct 29, 2008

  6. you need to work on your trendlines.
     
    #16     Oct 29, 2008
  7. HooLee

    HooLee

    One way to do it is to draw a parallel line to the triangle line, look at the chart...
     
    #17     Oct 29, 2008
  8. MKTrader

    MKTrader

    That was just a quick and dirty chart. I know both Trader Vic's and Demark's methods, but I'm still not sure if there's an optimal way to draw them.

    Perhaps you could enlighten me with a chart?

     
    #18     Oct 29, 2008
  9. MKTrader

    MKTrader

    Thanks--interesting. I've seen that before but didn't think about applying it here.

     
    #19     Oct 29, 2008
  10. HooLee

    HooLee

    Add a stop line and you have a tranding system.
     
    #20     Oct 29, 2008