Next likely support if we crack below the Main angle that has been holding since 2011 would be on the 1500 zone where the next two Sq. based angles are meeting. Not shown here is also a 200 week ma that is following the lower up trending angle as well. It is a simple analysis, and if you believe in angles then 1500 is a high possibility.
Also to note is how a convergence of two Sq. based angles that is lining up within the April - May time-frame.
I have added an analysis by Chris below, I hope he doesn't mind:
a low of 1500 would be 90*x 6 =1503 (off a high of 1873).
Amending the start price for the Sof 9to 665.75 has 1506 on the SWD, but the Gann Harmonic Ratio from the same price has a ratio top of 1885.
I can't recall what the new contract high price was, say 1887? If so, 1507 is on the NWD.
Amending the start price for the Sof 9to 665.75 has 1506 on the SWD, but the Gann Harmonic Ratio from the same price has a ratio top of 1885.
I can't recall what the new contract high price was, say 1887? If so, 1507 is on the NWD.
Otherwise good chart. Lots of symmetry.
I might do a dymanic time and price analysis for a CIT in April/May. It's long hand so it will take a while. But the Sof9 with 3/6/09 with increments of 2 gives 4/9.
what is your thoughts on gold?
ReplyDeleteeven though i bought dust and plan to sell on monday opening, i think gold is setting up for a higher high into june?
I like to analyse silver better, but based on silver I think it has a chance for a lower low. In that sense I would believe that gold might do the same.
DeleteI have updated the chart with an analysis by Chris..
ReplyDelete