Point and Figure charts make it Brain Dead Simple.
..$GDM - Daily Candlesticks, 780
Look left to be right and we can see resistance going back to January of 2015! Now it is support as of April 28, 2016
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 has been support since the beginning of January this year. If it dips below the 20 SMA it is a sign of increasing risk.
....981. $GOLD - Daily Candlesticks, 1024
April 7th, 2016 Trading this morning at 1239 and this is above the 20 SMA. This chart shows the end of day price only.
Watch price direction if and when the 20DMA is lost as support! Price is at the 20 SMA and it is also a Tedline defined in December of 2014!
....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 10104 on Friday March 11, 2016.
Where is price NOW compared to the closing price of December 2015 at 10143.42!
January closed down an additional 510.72.
The answer as of December 24th is a close of 10258 that is $1.00 more than the close of December 3rd! The month of December closed down -266.16 at 10143.42
..411. NASDAQ 100 Shares (QQQQ) candle
Now the activity is at 108.00 +/- 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, 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