Wednesday, September 14, 2011

78.6% retraces and the 9/12-13 cluster CIT

Here we are a couple of weeks later and the markets are close to down channel resistance around 1196 SPX and again right at one of those old 78.6% retraces.

 I had a 9/12 Solar CIT (90%) and a 9/13 double geometric CIT (70-80%) and 9/12 was also a Cycle CIT.  We declined into 9/12 Solar CIT and reversed sharply out of it, making 9/12 an ideal swing Low.

The 2 green vertical lines (click on chart to enlarge) were hourly CITs.
The 1st hourly CIT was an Apex CIT close to the 9/12 intra day Low.
The last hourly CIT was the 1st hour today, which was this morning's 9/14 1st hour Low of the day.

1 comment:

JohnK said...

Fibonacci Fanline resistance on the Dow also stopped the advance for today. What will tomorrow bring?