ANSWER 11.1 M Weekly as of August 11, 2014 (Refer back to ANSWER 10.1)
Given one down wave, 61.26 – 54.82 – 61.00, what is the smaller than target? The smaller than target is 61 – 0.618 * (61.26 – 54.82) = 57.0.
Prices near 57.00 show up in the retracement table. This is the 89 percent and so the last line of support for the swing from 56.37, and the critical 62 percent retracement for the entire move up from 54.82.
From
54.82
56.37
21%
59.7
38%
58.7
59.2
50%
57.9
58.7
62%
57.2
58.1
89%
55.5
56.9
The 57.00 target is not only confluent in the table, but is Dev6 daily corresponding to Dev1 weekly. Whenever a match like this shows up between the daily and weekly, it makes the stop more significant.
Support
Dev1
Dev2
Dev3
Dev6
Daily
59.2
58.7
58.1
57.0
Weekly
57.0
55.8
54.3
51.8
Because there are three swing lows (56.465, 56.29, and 56.37) around 56.4, that's where I've draw the support line. Because of this, I would say that a close below 56.4 for at least one day is needed to confirm support has been definitely broken.
ANSWER 11.2 MMM Monthly (Refer back to ANSWER 10.2)
The 133.4 area comprises Dev6 daily and Dev3 weekly. This increases the importance of this support level because it's not ...
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