Monday, February 2, 2009

Slight adjustment...

Updated the chart slightly based on the actual low we made. My target was 81.5 and we actually made it all the way down to 81.31. Using the new low and redrawing the fib, I have a new adjusted target of 85.41 for the retrace. I will probably layer back in shorts around 84.5. In addition we are in a falling wedge, but I did not draw it as it is not being support by volume.

The daily candle sticks formed a bullish reversal pattern (Meeting lines formation).


jacksoo said...

Good call - tmrw early bounce into sell off?

DJI looks like a retest of tri formation -

Pokerden said...

Exactly what I was thinking.