The Housing Index (HGX) recently completed a 100% time cycle of the bull market move from 2002 to 2005. Price ended the cycle at around a 75% retrace of the bull market range. If price breaks below the recent low then a test of the 100 level is probable. Otherwise price will attempt to climb up the 1:1 Gann Angle.
Chart courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:03 am
Tags: Gann Angle Fan · Price Retrace · Square of Range1 Comment
1 response so far ↓
Andy,
based on this, would you ‘guess’ that the worst of housing is behind us? is there maybe a ‘longer’ cycle that could be considered? OF course, if housing is going to hit bottom soon, that would be positive for the economy (but likely not accepted by the markets until after a couple of months)….