Recently, I put out a few lessons on basic and advanced , using simply , patterns, and delving into more complex geometries from , Bill and Scott Carney's widely known patterns.
Today, I would like to present a variance of the pattern, which some of you know as my main work-horse geometry as a secondary back-up to the predictive/forecasting model I use in my daily analyses.
First, here are two values which the predictive/forecasting model has put out so for, representing loftier nominal targets (i.e.: low-probability attainment, but high-probability reversal, or top/bottom reversals, in contrast to numerical targets, which represent high-probability attainment, but low probability reversal, or future levels) - These two nominal targets are:
1 - TG-Hi = 18945 - 23 JAN 2015
2 - TG-Hix = 21850 - 23 JAN 2015
(The remainder of the analysis will be placed in the text area, below this chart and commentary - Thank you - David Alcindor, Alias: 4xForecaster)
@minnie - Yes, this is a great time for an update.
First a quick look back on a prior analysis, where in NOV 2014, the Model called for a more proximal set of bullish targets at about 176xx and 179xx - Since then, these targets have been hit and price ascillating up and down these targets, until a recent decline, which is what these Quant-Target suggested - See chart:
However, a more recent Model screening of the chart led to this thread, with targets that remain unanswered - See current chart:
The lines in the chart are momental lines, part of the occult geometries I have used in the chart to establish probable support (they are weak in nature, but in this case, they may help validate support or further advances).
OVERALL: I would look for a definite decline below the ML that passes through b' to add further credence to this bearish downturn. Until then, there is no certainty, as far as the chart can express.
See analysis from 2013 here:
As the Model got improved, the target were progressively refined along the way - The fact that current targets have not been reached raises a question as to the veracity of a bearish downturn.
If price breaks above the 1-4 Line, it could possibly spike to 2240.46. However, this has not been the case so far. If and once that condition is met, then price could possibly attain that level.
However, a few point above prior highs is still a consolidation with the whole. Algos have not allowed negative market closing on Fridays, and this is one of them. But they also have not allowed markets to reach higher-highs of any significant level.
In terms of Fibonacci level, a significant level would have to be a minimum of 1.414-Fib from the height of the consolidation. If price breaks above that level, then it will mean something of a continuation. Any less than that, and it should be translated from bear speak to more consolidation parlance.