The Gann angles of the range from 2007-2008 and 2002-2007 point to SPX 1260 to 1248 as support.
The 1/8 time cycle started the current correction from overbought. The 1:2 Gann angle or the 1/8 price line should serve as support - assuming we are going to continue up. Buying will have to pick up big time before I will expect price to break through the 1:1 descending angle.
The 1:2 Gann angle from the 2002-2007 range has been support and should hold one more time (but probably not a third). This angle is near 1260.
The 1/4 retrace from May to July is around SPX 1260. The 1/2 retrace of the July low to the recent high is 1260. That appears to be a significant level to watch.
On the downside, if price is not held up by the 1:2 angle then it will probably go down to a 50% retrace of the entire range near 1172.
Tags: Gann Angle Fan · Price Retrace · Square of Range · Standard and Poor's 500 (S&P500)1 Comment
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thanks a lot sir