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.
Using your brain, (stock trad3r), you will never be anything, especially rich. You know absolutely nothing and think you know everything.
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?