Friday, January 5, 2018

Possible YM Futures Resistance Next Week


Above is the YM March 2018 Dow Jones Industrial Index Futures chart.
White line segment A1 measures the up move from mid-Nov. A2 is a copy of A1 moved up to start at the new up leg after a small pull back. The thin white horizontal line crossing the middle of A2 marks the middle of A2. I have found the middle of a measured move is often an important level. I also pulled a Fibonacci range on A1. You can see the 161.8% Fib extension from this at the top of the chart.

White line segment B1 measures the up move from the bottom of A2. B2 is a copy of B1 translated up to begin at the start of the bottom of the next pull back. I pulled a Fib range on B1, and the 161.8% Fib extension from this coincides with the 161.8% extension from A1.

So, at the top of the chart you can see the top of the A2 and B2 measured moves, as well as the 161.8% Fibonacci extensions from the actual moves A1 and B1. These line up so nicely, I'm looking for possible resistance around 25,350-25,450 next week.

(I'm also secretly hoping a pull back at that level might be the top of this crazy Bull market, since I've been looking for the top for years. Don't tell anybody, its embarrassing.)

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