A similar chart has already been published but I developed the accompanying chart over the weekend but did not publish it until now.
In the endless quest to determine where this inspired market might top, I looked at the data and determined a shark would best fit recent price activity. My primary concern was locating point D, which I did until I got the 1.13 which is right out of the textbook and located at 2122. Other ratios are equally compelling, making this a very sound harmonic.
Inspired by the other gentleman's chart, I then checked the Fib extension of point D and found that is was exactly 1.618 of the B to C move which is not uncommon. Hmmm!
So, two intertwined approaches suggest 2122 might be a zone where we see a pull back- not a collapse unless there is an economic shock, a slump in earnings or a Brexit. Or any or all of the other known tails risks.
Note that the descending trend line from the highs of last year passing through X helped contain today's advances.
Thanks for reading.
In the endless quest to determine where this inspired market might top, I looked at the data and determined a shark would best fit recent price activity. My primary concern was locating point D, which I did until I got the 1.13 which is right out of the textbook and located at 2122. Other ratios are equally compelling, making this a very sound harmonic.
Inspired by the other gentleman's chart, I then checked the Fib extension of point D and found that is was exactly 1.618 of the B to C move which is not uncommon. Hmmm!
So, two intertwined approaches suggest 2122 might be a zone where we see a pull back- not a collapse unless there is an economic shock, a slump in earnings or a Brexit. Or any or all of the other known tails risks.
Note that the descending trend line from the highs of last year passing through X helped contain today's advances.
Thanks for reading.