I was reading some very interesting comments by Bill Duryea from IOAMT on Friday.
On Saturday when I was cleaning my desk I found a printout of a chart pattern from July and I realised I had seen the same ‘M pattern’ before. To add to the curiosity, some of the levels are almost exactly 100 points away from the levels which are currently important:
1357 was a key area and 1365 was a multi day top. 1328 was important HVN support after it bounced at 1323 we reached 1400 in 2 weeks (in reality it was 3 days in that time period):
This is last July:
This is from October:
This shows July-October and what happened when everyone was getting bearish looking for a break of 1300 again … I am writing this to help me keep an open mind and avoid an overly bearish bias.
The levels I was using in July are detailed here: https://atoast2trading.wordpress.com/2012/07/02/es-update-0207 and https://atoast2trading.wordpress.com/2012/07/24/0724