Originally posted at the at the Stool Pigeons Wire. Follow and join the conversation!
6:00 AM ET But it needs to break down below 3512 before it means anything. Then the conventional measured move target would be 3370-75.
At 6 AM ET, the 5 day cycle had a preliminary projection of 3450. That might stick. Or not. The 2-3 day cycle projection could be a tad lower, say 3440, or not.
Trendline support is at 3520 now. If they break that, then we’re on our way. If this holds, then it’s BTFD time again.
Hourly oscillators say that this could go either way.
To be determined. Stay tuned for updates.
Zooming in on the 30 minute bars, it’s easy to see that we’re at a bounce point. If it holds, they need to clear 3545 to break the downtrend from yesterday’s high. Then they run into likely uptrending resistance at 3560, where the battle for all the marbles would be.
Of course, that can all be avoided if they take out 3520. Wide open spaces to 3470.
I will no longer say, click to engorge. People are complaining.
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