Thursday, August 18, 2011

Just what the tiny ordered

If you've been watching my videos over the last few days, you know that I've been looking for a pullback that HOLDS support for a potential buying op for a swing back higher. I dont think we go far, I don't think we are in a bull market, I dont think we have seen the lows. I do think that the correction of the big push down the last few weeks can be more complex than just a few days up and {sploosh} again.

After Thursday's action, my thoughts haven't changed, BUT there is no evidence that the support has held, yet. Yes, we have held the 62% Fibonacci retracement of the bounce off the lows on a closing basis, but so what? We'll need to watch the action over the next few days to confirm that this low is holding, even for a small bounce.


P.S. If the lows of today are taken out, next support is 112.61. Below that and I think we get at least a full retracement, if not a 127% external retracement of the last swing.

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