Hi kischa,From the daily chart,do you have concrete technical...

Hi kischa,

From the daily chart,do you have concrete technical evidence to confirm that the high of May 19th is the peak to form the top of the square from the low established on Mon 16th May, as at the close of trading on Friday?

For trading purposes, it will be "dangerous" to be pre-sumptious to make such a conclusion as at Friday, and better to await for price confirmation first.

As to your forecasting on the price levels of support at 4641, the drawn Squares are meant for time forecasting, rather than for price - for time-price forecasting, it may be better to use other tools such as patterns, confluence of fibonacci price clusters, ecllipses, bar counting, wave counts, gann squares, drummond geometry, johnson probability zones, murray maths lines etc. among the many tools available.

For example, if you draw a 3 month ecllipse pattern over the XJO beginning from July 2010, you will find prices to lie within 3 perfectly formed ecllipses ( the middle one overlapping )with the last ecllipse starting from 7th Jan 2011 till last Friday enclosing the index price action. The boundaries of this ecllipse pattern will give you a reasonable indication of the price target level and timing of when this current move will end.

Hope this explanation helps.

dascore