Monday, May 18, 2009

Some targets

Here is one view based on my getting in-out of positions. That's a typical 5 wave with wave 2 hitting the 61% retracement level. This is also inline with the new downward channel I had described and shown in today's post with the outer edge around the 907-912 range.

This move was one of the main reasons for me to exit my shorts this morning, the low volume stepping day just gave more confirmations.

Really should have seen that on Friday but I was a bit hopeful on the overnight push through support at 880 which is a contradiction to my previous views where I stated that I would be disappointed if last weeks move off the 880 was everything the market had left.

1 comment:

  1. Well, your today's call right on the money. Tmorrow will be interesting. Bu the wed. will be the key. it should test 880.