This is an update from my last 4cast made on Sep 25, 2011 here at TradingView. At that time I pointed out KEY SUPPORT at 101.5-100.5 but upon closer examination there were 20 weeks of time at 104 also and you can see in October that 104 was tested and held. What has also happened is that 20 weeks of time has built at the 112 level and that implies that the market is accumulating and building for a larger advance. In other words, the buyers at 112 have control and if you want stock, you'll have to pay UP to get it back. The market is now dealing with the 14 weeks of supply at the 121-123 level, so it may take a few more weeks to chew through that supply. I would 4cast sideways action to deal with that situation. The best trade that will set up out of this pattern will be by springtime when the market is fully accumulated and ready to embark on a major new bull market move. ONLY TIME WILL TELL and we will patiently wait for the market to tell us when to get on board.
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charttrader
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Well done:)
timwest
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This adapted forecast is panning out nicely.
timwest
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" What has also happened
is that 20 weeks of time has built at the 112
level and that implies that the market is
accumulating and building for a larger advance.
In other words, the buyers at 112 have control
and if you want stock, you'll have to pay UP to
get it back. The market is now dealing with the
14 weeks of supply at the 121-123 level, so it
may take a few more weeks to chew through
that supply. I would 4cast sideways action to
deal with that situation."
It looks like the buyers are still at 112 and still in control. We are back to testing the sellers just overhead. Tim 9:17am EST, Thursday Dec 1st
timwest
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112 KEY SUPPORT really held in the DIA where 20 weeks of time accumulated.
timwest
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112 key support is being tested. This is the most "time at any price this year".