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meanVelocity, do you mean half as high as the last sell off? Your 1/4 extension seems to be off the last sell off, no off the last rally... Or am I missing something?
And, here is how you draw them for when the market breaks it's prior swing low, correction...
Even if the market doesn't match the levels exactly, it gives you a good idea of the target area after a break of a prior low or high.
I don't like projections much, even though the levels provide good support and resistance as quite a few people use them... They don't have the consistent reliability of retracement levels.
Good GDP data this morning. Market pulled back because it's just too overstretched at those prices. Trend rate is only about +1.5. With a 14.3 point range that means... 1.5 x 14.3 = 21.45 / 5 = 4.29 points per day rise in resistance levels.
Also, 2075 is somewhat of a critical level psychologically.
You know, this is starting to remind me of the rally before the Flash Crash... If this rally doesn't get it's risk defused by a mini-correction, there could be the mother of all buildups in weak hands getting on board this.
Risk isn't too high yet, but if this were to continue straight up into Jan/Feb with no pushes into support levels... It's gonna be very very ugly when this ends.
Gap down is likely tomorrow morning. This market is starting to depolarize. Were starting to enter two directional trade.
Probability of above six day mean prices each day still is still holding, however... Probability of below average prices is back. Welcome to late stage rally.