tentative tuesday, page-10

Must be something wrong with my computer the last post was almost 4 hours ago!

So I did a recalc on that overhead trendline that Red mentioned on 22 June it comes out at 992 and change tonight. Anyway, here is what was posted on 22 June:

"I've had a good look at the over head trend line [redbacka] mentioned (prior support now resistance) and as the supports didn't line up exactly on the 3 lows I've calculated where the earliest point of contact would be in the weeks/months ahead and I get it as follows:

XAO - 4175 today and dropping at 2.067 pts/day.

SPX - 1011.68 today and dropping at .5309 pts/day."

So tonight it's at 992.57 to be more precise.

The 11 June high (956.23) was a 3/8 retracement of the range down from the 19 May 08 high (1440.24) to the 6 March low (6.79).

3/8th was 956.83 so it missed by .6 of a point for the high.

A 1/8th extension of the rally from the 6 March low to the 11 June high is calculated as follows:

(956.23 - 666.79) / 8 + 956.23 = 992.41

So tonight, at 144 days from low, that trendline is at 992.57 and the 1/8th extension of the rally is .16 of a point below it.

I'm focussed on that tonight.

If the index bursts up and pops right there at 992 and change, I'll go all in. Well may be not all in, but I'll have a crack it.

Cheers Christophe