Here’s a 5-minute chart including overnight data. It’s interesting that you can draw a straight line from 20:00 last night or so right up to the present (11:43 as of this writing), and in the middle you have a big, mostly-symmetric spike up and then down. See below (click to enlarge):
So, if we get a repeat performance on this smaller up spike we just saw, then you could expect a dip to 1092 or so (shown on the chart). This kind of geometric analysis sometimes looks awesome and other times looks silly. That’s why I tend not to trade geometry stuff, but it always fascinates me. Though, I must admit, I am a believer in measured moves. We’ll see what happens…
This entry was posted
on Monday, October 19th, 2009 at 11:49 am and is filed under Trading.
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