Trading Edges That Last
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Emini S&P500 Putting Year 2015 In Proper Perspective Oct 18, 2015
Here is the 15-min RTH only chart of Emini S&P500 since last year’s spike low in October.
Importance of First Quarter Range
The purple STOPD scale highlights the first quarter range of the year.
Notice that the false breakout in 2nd quarter of the year gave us a nice drop to 1st quarter midpoint.
Then the retest of 1st quarter high failed to clear the resistance, it gave us a drop to 1st quarter midpoint and eventually breaking down to 1st quarter low.
The flush back in August simply extended itself to the 200% expansion level off the first quarter range.
Isn’t this amazing?
Battle of the Midpoint
The blue STOPD scale highlights the current year range so far.
Ever since the August low was in place, the midpoint of the year (also approximately the 1st quarter low) has been acting as resistance but no longer.
The next target above is 1st quarter midpoint, 2030-2060 zone.
The mega size bear flag (highlights in green up channel) also points to the same region as potential resistance.
This coming few weeks, late October to early November, together with the resistance zone above (highlights in pink), will be a very messy fight between the bulls and bears.
Related Reading Materials
Bear Flag
Channel
False Breakout
STOPD
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