Overview will be covered in the Members area.
These levels remain the same, but with updated charts.
With another close below 80.90 the target becomes the area of 75.00 to 74.50, this area has a major Gann square and two key retracements. This is also the area that must hold to keep the long term trend positive.
Yesterday traded well below 74.50 and hit the 73.37 major Gann square before closing just below the long term swing point. Today's rally got right back above 74.50 and hit the 76.75 major Gann square.
Holding the long term swing point can send this market on a big rally, even as high as 87.60, this is 78.6% of the break, however the first test of the strength of this market will be at 38.2% at 80.10, this will be the short term target on a rally from 74.50.
Failing to hold the long term swing point should send it down to 64.25.
For both the upside and downside you can use each major Gann square as support and resistance and a swing point once it has been taken out. You can see the value of these levels by just looking at the chart below.
From last week,
Use 147.13 major Gann square as the swing point. Above it, look for the 151.75 major Gann square. Below it, look for 144.00.
This week so far has sat on the 147.13 major Gann square. We will continue to use this as the swing point. Above it, look for 78.6% back to the high at 150.85. Below it, look for 144.00, this is 78.6% of the 9/20/22 high and 5/31.22 low. On an extended break look for the area of the 137.65 major Gann square and 23.6% back to the 2020 low at 137.20. Once above the 151.75 major Gann square we will look for the next one at 156.98.
Here too, you can see the importance of the major Gann squares for support and resistance.
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