smallville wrote:LSE,
I think what malanp says has some validity.. We also noticed that ur pivot point system works only for down market..
What they ask is, why u cannot appear in a green market and do the pivoting?
Imo, there's no point in doing pivot analysis when there's no bottom that u can even predict with Pivots, can you??. At least with Fibonacci retracements, we predict the 68.2% support is the bottom. If market doesn't stop there then we're helpless... Then we'll have to find all the previous supp. levels to find the bottom.. Useless I'd say at this point..
So we're watching the 5990 - 6000 for bottom support. If no good news coming in our ways, it can be 5500 even.
Then why dont u do some analysis and tell us where it can head if falls to 6000?
smallville,
No I've done this for uptrend days also.
I think you also missed few points. It's better to read it again from the beginning.
This is only a one example.
LSE wrote:LSE wrote:Pivot Point analyze
ASI Index values as of [16-05-2013]
open - 6225.23
High - 6295.48
Low - 6225.23
Close - 6287.00
R4 6,479.99
R3 6,409.74
----------------------------->> At the end of the day 6400.76
R2 6,339.49 --->> Key Point 2
R1 6,313.24 --->> Key Point 1
PP 6,269.24
S1 6,242.99
S2 6,198.99
S3 6,128.74
S4 6,058.49
Conclusion :
My concern is on R1 & R2. Now It's very clear & confirmed this up trend movement. Tomorrow it'll pass 6300 very easily & continue this up trend further till it meet the next resistance levels at R1 & R2. If ASI get enough support to break those two levels then, the ASI will meet the next resistance level R3 at 6,409.74
Note:
Tomorrow will be a big green day...
Thank You.
Summary
As we expected ASI touched it's highest and at the last minute it's again drag in to the 6400.76 level.
What will happen on Monday...?
coming soon...
Have a nice week end...!!!
Thank You.
Note :
smallville this is for your consideration.
Thank You.