Wednesday, November 12, 2003
Tuesday 12 Nov, 45m chart update
This is a close up of yesterday's chart, showing today's price action. The "clue to the continued price action was the strong bar through the 25% (1/4) median. There was also good support from the gap, trendline, and Fibonacci as mentioned yesterday.
Note that the close up YELLOW fork is yesterday's gray fork. Today I added the "hyper" lime-green fork. In case you don't see it, also note the "retest" mini-double-bottom, which forms the pivots for the hyper fork. After a fitfull start, price climbed steadily, stopping just shy of the upper median line.
Now what? I've drawn in a potential Fibonacci retrace to get an idea of a likely retrace, but may have to up the ending point tomorrow. I speculate an challenge of the prior hi at 1061.5, which could come in the form of a small triangle. 1061 is also the upper median. This move was pretty feverish, so a consolidation to 1053 or at worst 1049, wouldn't be a surprise. Anything greater spells a reversal.
Pullback catalysts could be bad news-- or negative reaction to just so-so news. On tap for economic news for this week: Jobless claims Thurs; Greenspan, Retail sales, Industrial Production, and Consumer Sentiment Friday.
Labels: chart-analysis
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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