Friday, November 16, 2007

This is trying...

It closed right at 680, but it tested 673 and bounced. But the best thing that came out from all these was 670 held. As mentioned before, the market came out from oversold and never reached overbought, unless the market is extemely weak, there is still upside to go. The bias now is up and if it continues next week, the target is Fib 61.8 retrace from Oct31 and that will take us to 704. Watch 682, 678 and 674 Monday.

ps. I see a reverse H&S on a 60 min chart from Oct31, kind of slanting, but if it is the case, it confirms target 704.


2c

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