charts for May 2, 2011

A very long term support line comes into play as resistance.  About to intersect with the rising wedge from March ’09 (daily) and the rising wedge from this past April 15 (hourly.)  Then, there’s the .786 retracement off the March ’09 lows coming up at 1381.50.
50-100 (or more) point corrections every 3 months, give or take a week. Didn’t catch every one, and things got a little sloppy in early ’08, but otherwise it’s worked pretty well.  At this pace, the next could be around mid-May, 3 months after the 2/18 top.


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