Swing Trading by the GUNNER24 Forecasting Method February 5, Friday before last, the stock markets launched an impressive rebound from the monthly and weekly GUNNER24 Support Targets (GUNNER24 Forecast, Issue 02.07.2010). As well, in the 4 hour time frame they produced some unmistakable buying signs we used for our long entry. The situation was conflicting all the same because the daily time frames radiated clearly negative signs. In our issue of last week, I still stated that the daily targets had not been reached yet. That is why at the beginning of the week we entered again into the daily chart of the NDX supposing that something had escaped our notice. Then we determined both GUNNER24 Setups which at the end of the trading week are looking as follows:
The Initial Impulse encloses but two days (January 11 and 12). Said February 5, the down swing ended at the 4th double arc. According to the rules the 4th double arc is rather one of those which do not offer much support. But since the double arc is corresponding with the support targets in the weekly and monthly GUNNER24 Setups and since in addition it was tested successfully by a spike candle we are allowed to install here a new GUNNER24 Up Setup.
Last Tuesday, there was a first, pretty weak buying sign, and on Thursday, an exceptionally strong buying signal followed. The Thursday candle produced: 1. an aggressive Gann Angle Retracement buying signal combined with the 2. bluea arc break buying signal 3. the first square break buying signal. Again, last Friday the market recuperated very strongly from its daily lows at the beginning of the session. It was a classical B-Day according to Taylor. By that sign (the 2nd strong Friday in succession) combined with the findings how every single day of the last trading week was performing we can really assume definitely that the correction has come to an end so we are on the way to the main targets again. On Friday, in post stock trading the futures added considerably. So, in the NDX on Tuesday we can reckon on a pretty big up gap.
Since last Thursday, the price is within the sphere of influence of the 5th double arc which is to be seen in the upper GUNNER24 Up Setup. That sphere should produce the swing high. The timing actually suggests that the whole up swing is going to last eight days precisely. Yet a 13 day up swing is possible as well, depending on the question when and which targets will be reached in the new daily 3 Candle GUNNER24 Up Setup.
It's a little difficult to say exactly when the price is going to produce the swing high within the double arc sphere of influence because on Monday only the future markets are open. If here, too, we assume an 8 day swing we will be able to expect the high on Tuesday in the future contract (8th day). As mentioned, for the NDX besides Tuesday also Wednesday is suggesting itself because then we would have accomplished the 8th day of the swing when
the double arc influence comes to an end. The targets of the actual 3 Candle GUNNER24 Up Setup are at first 1792 (first double arc) – of which the break in the monthly chart got us to level all the long term long positions three weeks ago – and then 1820 (2nd double arc).
In the weekly 5 Candle GUNNER24 Up Setup, the support area has resisted, and a successful back test of the 4th double arc took place. Thus, we will have to assume in that time frame plenty of energy has accumulated to penetrate into the acceleration area in order to reach 1961 in March, finally. The next and last obstacle is the diagonal that might prevent the possible penetration into the acceleration area. For the next week, that one is near at the ominous 1792 mark, as well. In the monthly 3 Candle GUNNER24 Up Setup, the scene has brightened in so far as we have been able to elaborate in addition a kiss of death mark near 1820. Again, that 1820 mark is appearing here!
1820 is a clear price and time magnet: The intersection of the once broken diagonal of the recently passes square with the lower line of the 3rd double arc. If that one is not conquered we will have a kiss of death... Result: For the next two weeks, the targets in the actual daily 3 Candle GUNNER24 Up are at 1792 and 1820. If the 2nd double arc in the daily 3 Candle GUNNER24 Up is broken through the end of March we should see 1961. But the 1792 and especially the 1820 marks are not going to be broken easily. Considering the monthly setup, there is an enormous resistance there. Certainly, in that very monthly setup the primary Gann Angle seems to be still strong enough to support the upwards trend. But reckon on the development of a Daily GUNNER24 Down Setup at 1820. Like nearly always, the best possible short entry should be provided by the 4 hour GUNNER24 Setup... If the price breaks the first double arc in the daily 3 Candle GUNNER Up it will be in the weekly 5 Candle GUNNER24 Up Setup in the acceleration zone. That should urge the price rise. Since in the daily time frame at the NDX a bearish chart formation might develop, you better reckon on a violent resistance at 1792 already. As early as there, a new GUNNER24 Down may emerge! There, a possible up gap is really suggesting itself on Tuesday. Work with narrow stops in the daily 3 Candle GUNNER24 Up Setup and hedge your profits closely! Be prepared! Eduard Altmann
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