IWM Consolidation and GDX Upthrust – July 6, 2011

[Andrei]

Hi Billy,

Just for the sake of clarity, in IWM chart there is a support cluster with a total strength of 18. However with indicated levels there WPP + QPP + SPP + 50SMA = 2 + 5 + 6 + 4 = 17.

I know that there are also DS1, DS2 and DS3 in that vicinity. There must be some of these pivots, included in your total count of 18. Am I correct?

Thanks.

[Billy]

Hi Billy,

Just for the sake of clarity, in IWM chart there is a support cluster with a total strength of 18. However with indicated levels there WPP + QPP + SPP + 50SMA = 2 + 5 + 6 + 4 = 17.

I know that there are also DS1, DS2 and DS3 in that vicinity. There must be some of these pivots, included in your total count of 18. Am I correct?

Thanks.

Correct. Daily S3 (83.05) is also included in the cluster. You can check the clusters in the file that I attach daily to my posts.
Billy