Breakout Tomorrow?

Well, I have to say I was a bit disappointed with the bullish action today. I had to close out what I thought were going to be great daytrades for a small profit at the close only to see my profit targets hit after hours. Oh well, at least my swing positions are still making money.


I'm reducing my target after today's action to the light blue zone shown above. This absolutely is not to say that we can't get a rally higher, but unless the bears take a rest, I just don't know how the bulls are going to do it. They must be tired having fought to stay their ground for the past week with little to show for it. That being said, I'm going to move my triggers to start kicking off at 870 instead of 880.

As you can see on the 15min chart, I've highlighted some fibonacci clusters where we have a wave A/C relationship. These are not required turn points. Instead, I use them as a guide to start watching for reversals. It is because of these clusters that I'm moving my target down to 870. At 870, I'll start my short positions.