Yearly:
and above the midpoint of the 2008 bar, yet resisting the 61.8% for now:
With the month coming to a close it should be important to see if this November bar will close above or below the May corrective bar as the $122 (61.8% retracement) price continues to be rejected:
Monthly
As the 2bTop still has potential, a close below $119 by month's end could bring a correction (A close below $119 may be difficult with tomorrow being OpEx). There is a confluence of support below at around $112, it is the monthly 50% Fib level and the weekly 50% retracement level following this most recent advance.
Weekly:
And now the Daily. Price was rejected on the first test of a 50% retracement following the most recent impulse down:
Daily:
3 comments:
I keep looking at that September monthly bar and think that we need to re-trace to the middle of it at some point in time - December would be the ideal time...
But maybe it has to occur at the end of Jan / Feb - at some point I am certain we will get to that midpoint and close all those gaps down below too!
$112 looks solid, no? I'm wondering how long the currency/equity correlation will hold up.
The EUR/USD & USD/JPY look as though they have some more testing possible at their highs/lows respectively.
We shall see.
112 looks very solid - though there are a few gaps down below there that really should get filled before we go a lot higher.... of course, we left unfilled gaps in July 09, so maybe the Aug 31 gap will also stay open for a long time.
Anyway, I am not going to get too bullish until we have a significan re-test, the weeklies are less OB and the NDX, midcaps and smallcaps surrender some of their strength relative to SPX
Post a Comment