DislikedGood thought process. . .
Typically price wants to come back to the middle of high/low before deciding a direction, therefore I believe the fall started from 228.30 with a low of 223.13 using simple average calculations would yield 225.75.
If you look at the 4 hr chart and 5 sma/mom's, mom's it pointing up, price is supported by 5 sma (225.25) and is pointing toward 21 sma. If you flip to the daily chart looks like 5 sma (225.75/80) will act as resistance but a break/close above daily pivot (225.31) would target daily r1 @ 226.50. Also, daily mom's pointing up but looks rather weak so not sure if GJ will have the strength to push above daily 5 sma, or up to daily r1. . .
My two cents and simple method. . .Ignored
now we can get down to busniness!!!!! so thats your secret system!!!!
have you read skunnys indicator free trading thread yet? worth checkin out methinks....
HAPPY NEW YEAR all!!!!!