Tuesday, July 28, 2009

Bearish Advanced Block confirmed...

The bearish candlestick pattern was confirmed today. Stochs are tremendously overbought.

The red trendline held. So we might be looking for a move to the middle of the bollenger band or higher.
If this is wave 4 of primary 1, then we have not seen the top which will be at about 103.38 (50% retrace from the 5/08 high).
If this is primary 2, then its possible that we have seen the top at 98.4 (98.68 is the 38.2% retrace from the 10/07 high). So the next fib beyond this is 50% at 108.65.


Anonymous said...

We will have one more thrust up just because the dollar will pull back, then down for stocks. We are near a 10 year triangle resistance line on the Nasdaq. The rally was wave D, wave E to go.