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Comments on: Saturday Review’s recording (for 4/30/16) … https://rd.johnlander.me/saturday-reviews-recording-43016/ Futures Market Timing | chaRTroom | Technical Analysis | Instruction Mon, 02 May 2016 07:14:48 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Rod David https://rd.johnlander.me/saturday-reviews-recording-43016/#comment-1517 Mon, 02 May 2016 07:14:48 +0000 http://www.roddavid.com/?p=20719#comment-1517 In reply to Steve Marriott.

Good question. There’s usually only one bite at testing a prior consolidation. Just piercing one end of it but escaping a close within the consolidation constitutes that test. That was the opportunity to retrace it 61.8% and then recover. But now, probing back into the consolidation becomes at risk of exiting the consolidation through its opposite end. And the 61.8% retracement would help to signal that move is underway.

]]> By: Steve Marriott https://rd.johnlander.me/saturday-reviews-recording-43016/#comment-1516 Sun, 01 May 2016 12:58:09 +0000 http://www.roddavid.com/?p=20719#comment-1516 Reviewing the recording again I have another question. Now that the market is testing lower prior highs, you’ve said that there are two likely outcomes 1) rallying aggressively away from this area on Monday, 2) continuing the decline lower in search of support, which necessarily means through the bottom of the consolidation (2030/35) to other support areas like 2008 or even 1982. My questions is: Can the market not find durable support at the .618 retracement of the consolidation – something like 2041, rather than have to break through the bottom of this consolidation area?

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