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I don't think I see this on any of your charts, but check it out. Trend slope from the 03/2009 low to the August 9, 2001 low now works out to 0.50 points/day on SPX. So wouldn't that be a 1:2 Gann line? It projects to 1120.6 on this coming Monday, and so would constitute important support from that perspective....correct? Needless to say, if all this support is broken, then that could have some significance. Although, I remember the bear trap that occurred back in June 2010, so of course caution is warranted, as always.cougar wrote:
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On the chart, long term targets remain the same.
Thank you for reminding me of Gann lines. I have a “geometrical” chart which has 2 Gann Fans. This is because in time, even a very active and “verified” Gann Fan is hard to work with, since the time/price lines diverge too much. Instead of subdividing the angles of an older Fan, I introduced a new one with the same slope. In this case, m =1, where the 1x1 line acts as an attractant in both fans, is more than even Gann could have expected…rhight wrote:I don't think I see this on any of your charts, but check it out. Trend slope from the 03/2009 low to the August 9, 2001 low now works out to 0.50 points/day on SPX. So wouldn't that be a 1:2 Gann line? It projects to 1120.6 on this coming Monday, and so would constitute important support from that perspective....correct? Needless to say, if all this support is broken, then that could have some significance. Although, I remember the bear trap that occurred back in June 2010, so of course caution is warranted, as always.cougar wrote:
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On the chart, long term targets remain the same.