Broken medium term trend of 15 March to 7 April. Comming back to test, entry around 686-689 for short target about 662. Lets see how it goes. Dow falling from resistance level. Alsi broken up-trend and comming to test on the bounce. CPS - you wanted to talk trading ;) give me an opinion guys.
Whats your time frame.If gets to about, 689( your projected entry for a short) then will be completing a reverse head and shoulders which is a bullish sign since that coincides with WAVE B extreme. Will then be a high probabilty LONG trade if closes above 700 with target to 760-770. Currently bounced off strong support level and weekly stoch looks bullish. So, if current support holds, no short....
Saash, nice short term analysis. I would agree but entry maybe closer to 684 and downside about 660/658. Quick and ugly but not impossible. Would look for longer trades if we can get them entry down to 650/645 and then a swing back to 720 odd.
I agree, 184 on the 11th was a better entry, 50% retracement taken out today. On the very short term this might make a nice in-out long as it bounces off this converged support of the 50% retracement, 3 day bearish support, and bottoms of 28&29 March. On the long-term though, a long off completing that reverse H&S would be very nice indeed. Thanks guys.
Rams SImple 50% retracement from the last high and low combo (630/702) mid point is 666 (But add about 10% to the downside for overshoot and you get 660. Re-entry at 650 ambush zone on fib..... Technical enough?