Is poised to blast out of major resistance just overhead at 18400-18500. If it can successfully hold on to a blast-off move over 18400+, we can look for gains to 20,000+ and then 21,600+ over the coming 8-16 weeks. I am waiting for 18,400 to break first, then buy half the position. I'll buy another half crossing 18,500 and use a stop as close as 18,250 initially. It may take a few more times to push through but when it does it will be fast and furious. I will look for daily ranges to expand on the upside to buy even more.
NOW YOU SEE WHY THE MARKET HAS BEEN CAPPED AT THIS LEVEL = OLD from aggressive selling campaigns in August and September denoted by the RED TRIANGLES. The market has re-tested these levels several times and is chipping through this overhead supply. Once it gets through, then we get long and get aggressively long.
RISK Management: (I'd risk a normal position size here at 1% of the portfolio, so that if it hits the stop on a the full position entry (18,450 entry, 18,250 stop) I would lose 1% of my overall portfolio.
Tim Sunday, October 18, 2015 11:39PM EST
"Key Hidden Levels Chat Room" here at TradingView