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Re: Post-Market Discussion For Friday June 8, 2007
go back to the chart I posted above. If when you click on it to make it big it is not clear/in focus then look for the 4 way arrow on the bottom right hand side to improve imagery.
Take the IB which stands for Initial Balance or in simplistic terms the first 60 minutes as represented in that chart by the B and C range. the low of which was 1502.7 the high of which was 1512 . Take one from the other to establish the difference = 9.3 which when added to the 1512 = 1521.3 added again = 1530.6. Now the question arises what to do if the upper target not achieved and that is simple it is a case of monitor price action at 1521.3 and from the slightly longer term profile then clearly 1515 is a hidden pivot. It could be argued that from the medium term profile that 1517.75 might be a better level but either way it matters little in that a reject of Fridays rally in some way would be evidenced via downward rotation back through the range and subsequent remaining below 1515 would be negative. If the downside does not manifest itself then obviously the probability of hitting the upper target is enhanced
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