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Greetings Hog Riders Everywhere!
We had a Fdate today for HOGS and so were looking for PRICE to short.
Why short? Because our trend (what I call a Micro-trend or real
short-term trend) was DOWN.
Using a previous formation, here are the calc results:
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(FIB) Formation - Oct 97 HOGS for 8/15
Target Date: 8-15
Formation Dates : 7-18 7-23 8-4
Formation Prices : 74.35 72 76
Target Date Levels: L1-75.90 L2-74.66 L3-73.35
L4-71.64 L5-68.60 L6-58.68
Fib Range Levels : 74.47 74.00 73.53 72.94
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Note Level 3 at 73.35. Our TOP was made at 73.22 today before nose
diving over 150 points as I write this.
As well, this is what the Range calc had for prices:
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TTC ver 2.3 - FIBONACCI RANGE LEVELS CALCULATOR
Last Close Price: ( 73.025) Range Prices: (76)-(71.65)
Top Extension Levels Within Range Levels Bottom Extension
Levels
78.175 76 70.6234
77.6617 74.9734 69.9883
77.0266 74.3383 69.475
73.825
* 73.3117 *
72.6766
71.65
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We basically had confirmation from two different technical formations.
Now, since the move was so large, entering now to short could be risky.
As long as the 73.22 price holds, this market is still a DOWN trending
market. Look for a rally back up where you can reasonably short it. Keep
73.22 in mind. If the top breaks this our momentum changes. This only
applies with the first rally up.
cheers!
:)
rick
--
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