actio-et-reactio
Balance is but a brief transition between extremes.
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Tuesday, March 11, 2003
Today's Thoughts (Tues, 11 Mar)
I modified the support levels on the 15m and 60m charts based on the recent price range. 808.75, which is 78.6% retrace of the October to December rally, is proving to be a tough nut to crack. Not surprisingly, it is also the balance point on the 15m chart.
Not a time for heroics, so will be watching for resolution of this partic. test of support (812-796) .
The 'Triangle target' on the 60m projected two target ranges: one from the start of the move and one from the break-down point. The first target was met and price bounced at the Feb 25th low and consolidated. Today's action completed the move. I think that particular "campaign" is over and something new will now be built.
That said, firmly breaking 809ish, partic. on the daily, opens the door to all sorts of bearishness across all time frames. This may not happen in one day, but it is clear lows are in the sights just now.
Added the daily chart of EWJ to watch the drama of that range resolve itself.
click for full sizeLabels: market-calls-dated
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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