Point and Figure charts make it Brain Dead Simple.
..$GDM - Daily Candlesticks, 780
This index responds in a different way than the instruments based on physical Gold. The 20 SMA is still support and has been challenged on some of the other Gold instruments.
....86. GLD - Daily Candlesticks, 780
The principle is that price is King and the 20 SMA is the line between a bullish and a bearish bias.. If it dips below the 20 SMA it is a sign of increasing risk.
....981. $GOLD - Daily Candlesticks, 1024
This chart shows the end of day price only. Watch price direction if and when the 20DMA is lost as support and it is also a Tedline something is going to happen!
....988. $GOLD percentage PnF chart
Percentage PnF chart where the box sizes increase in value based on 1% of the closing price.
...771. NYSE Composite Index ($NYA) MONTHLY CHART
Closed Aug 24, 2015 at 9509 and one year later on Aug 4, 2016 at 10,791.
Where is price NOW compared to the closing price of December 2015 at 10143.42!
..411. NASDAQ 100 Shares (QQQQ) candle
Now the activity is at 115.00 +/- a small margin of error.
Now we can see that within the margin of error of 1/2 of one percent that 104 +/- .50 cents has been an important level before.
One message! If you know how to to accurately find support and resistance you can make it work for you.
If you don't know, what you don't know! It's in my e-book!
It is all about objectively defining where price has changed momentum or direction in the past. These are the TED Lines and they are posted in advance are are light years ahead of any other indicator.
..42. QID - Daily Candlesticks, 1024
Added on May 18, 2015 with Tedlines based on a 60 minute PnF ATR chart
..43. QLD - Daily Candlesticks, 1024
..433. QLD - 60MN PnF, 460
Marxh 9th a 3 box reversal to O's considered normal price activity.
1. $INDU - Daily Candlesticks, 1024
Close December 2015 was 17,425.03