[mitsubishi]

The intraday high was pinpointed with extreme accuracy and another projected line nailed the double top (see prev chart) The open gap has now been closed,the Dow is in the red and we are dropping fast-S&P is barely up 2points. I have to admit i did take that short at 926 (R-10 from last weeks 956-26 run) but it took so long to drop i got out way too early at 921 .... (gap was at 918-23)

[mitsubishi]

If you are bullish (i am only playing the short side) then the 12.30 zone is a perfect area to stage a rally in which case we could go test the high again, forming a V shape day (high/low/high) Otherwise things will be decidedly weak imo.Since it is fri and expiry at that,if we close strong i will wait for a short opportunity on mon.

[mitsubishi]

If 2.30pm is the low today (915.8) the projected close from there is 918 which was thurs close and weds high- could be an important support/resistance level now.. tues high -928 weds high -918 thurs low- 908 thurs close 918...
OR..from todays low 916 to 926

[mitsubishi]

Here's how we ended up today.I will put the whole week on one chart later see how it looks.

[mitsubishi]

This chart shows the whole week.I need a break now from this .I'll probably come back on sunday and summarise what we got so far and some general thoughts.If anyone wants to download a blank template to play around with, let me know and i'll post one up.

[mitsubishi]

Tested the model on 2 recent weeks, april 13 -17 and april 27 -1 may...

[mitsubishi]

Same 2 weeks but with R-10 added..

[mitsubishi]

I want to see this working further back in time.Luckily (well by design actually ) i have charts showing the times of the intraday high/low going back to Oct 2007.This chart is 21st-25th April 2008..