The Lakers-Jazz game squared out at a Fibonacci 55, 180 degrees in time, at the half.
Maybe not. Actually, Gann Analysis, while controversial, does turn up some interesting relationships. In that chat room, a trader with the handle AllenNev gave us that quote above but also pointed out that crude oil has hit a level that is very close to a Gann projection up from the 1998 low of 10.35. Don't ask me to explain the Gann Wheel. Let's just buy the fact that the target using that major low equals four trips around the wheel, whether you believe Gann has any validity or not.
Then someone asked about the Goldman target of $150 and lo and behold that is another stop on the wheel.
Again, please don't ask me to explain this stuff or even defend it. I cannot. Just accept that a lot of technical analysis is indeed gobbledygook to the untrained ear.
Maybe not. Actually, Gann Analysis, while controversial, does turn up some interesting relationships. In that chat room, a trader with the handle AllenNev gave us that quote above but also pointed out that crude oil has hit a level that is very close to a Gann projection up from the 1998 low of 10.35. Don't ask me to explain the Gann Wheel. Let's just buy the fact that the target using that major low equals four trips around the wheel, whether you believe Gann has any validity or not.
Then someone asked about the Goldman target of $150 and lo and behold that is another stop on the wheel.
Again, please don't ask me to explain this stuff or even defend it. I cannot. Just accept that a lot of technical analysis is indeed gobbledygook to the untrained ear.
1 comment:
Four trips around the wheel is 1440 degrees (360*4) and always a good place to take profits. That really is a big move. 1440 is also a fractal of 144 which was one of Gann's most important numbers.
The SPX is now almost 450 degrees off the March bottom - 360+90 goes to 1440.
--Andy
Post a Comment