XMD 0.47% 10,302 s&p/asx midcap 50

@Orwell Can't help with the Gann box, I've never used one and...

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    @Orwell

    Can't help with the Gann box, I've never used one and wouldn't know how. The Merriman cycles you have are a similar methodology to Bressert cycles (spelling) which I used to trade gold with. Although the lrger weekly cycle on gold is ~6 months.

    I haven't looked at stock charts for years, prefer the index's. NCM sticking to the weekly from the Dec 2013 low. Pretty weak trend suggests it may just be accumulation. A good trend will hold above the 1x1 up from the low. "Time" I'm looking at 90 weeks and it's midpoint (45) and 120 week and it's midpoint (60). Look for a change in trend around these points and trade the swing as it bounces off the fans or horizontal support/resistance. This looks to be what's been occurring so the timing fits so far. The 1x1's down from the highs will provide resistance as prices works through them. You can see this happened with the first red one. That and the swing up from 90weeks explained the pop for me. It's also a reasonable place for an attempted breakout given the back test of the 60 week base pattern. The low marked buy the red arrow (start) gave the two other red arrows as suggested turns. The first marked the top reversal, the second is marking the current low. One could trade the swing out of this low but given the failed breakout attempt ( and possible stop run?) my best guess would be that any bounce from here would be weak and price will drift down to the 120 week and put in a low, maybe following the red fan down. So I'm with orwell in sitting this one out to see what happens. The 120week timing is also significant to me because I have some longer term cycles on Gold that I watch. These have picked the 2011 top among others. The next cycle date due on that is March/April 2016.

    NCM chat





    Gold chart. Ignore all the lines, it's my own concoction, price generally reacts as it meets each line. The verticle red line is the cycle date. What's significant is that it intersects the rising support shown at 1000.... maybe too perfect but price has been heading down towards 1000 at that date since the 2011 high..






    I don't have time to have a much deeper look. Hope it helps.
 
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