Ivanovich,I don't put too much store by TA, but then I do see...

Ivanovich,

I don't put too much store by TA, but then I do see some succeed at least some of the time using it. I have noted that there are various differing techniques, and differing views on the use of them.

You've said there's good support at 80. I'd be curious as to why you say this? I will make a couple of observations:
1) My chart shows the last big low was at 71, and I can't see obvious sign that 80 was the support then.
2) A lot of people use fib no.s. On that basis I note that the big leg up from 30 to 140 seemed to retrace approx 61.8%
3) A 61.8% retrace of the move from 71 to 160 would be 105. I realise some might use closing numbers or whatever and get slightly different.

I am sure there are many TA techniques which would come up with yet more different support levels.

Interested as to why you are so confident as to the relevancy of 80, and whether you might be open to other possibilities?

EL