actio-et-reactio
Balance is but a brief transition between extremes.
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Wednesday, May 08, 2002
Measured Gap Moves
Gadzooks, what a move! As much as I anticipated a move off the 1126-1166 area (9/11 gap plus AB=CB from 1734), not in my dreams did I think "they" would spike it 60 points on the open, and 85 points at the peak!
However.... Not to spoil the NDX party, but "I shoudda seen it"... You can be assured I went scouring the charts for what might have tipped off that move. I believe I found a clue: the 4/22 1365:1385 gap was not to be so easily forgotten.
Measuring from 1573, 1365 is 50% (188 points) to 1157. Yesterdays close was 1159. "The Gap Queen" shouldda seen it!! One way to reinforce what to do "next time" is to do a "Lessons Learned". There is always something new to learn.
To complete the gap story, today's peak ~1266 is just over the 50% rebound of the move off that gap.
So, IMO, today's rally is more unfinished business rather than the start of something new.
Labels: gaps
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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