The market rarely makes it easy on the technician and today is no exception. The top charts go from most bullish to most bearish. Let's look at the bull/bear facts:
Bear
- The move down could be impulsive, but it wasn't widly so
- We had our biggest correction since we started this rally a month ago
- Add to that all of the factors in my last post
Bull
- The move down just penetrated the 61.8% retracement of the last move before turning up
- The move down could be labeled an a-b-c correction where c=a*.618
- Price has yet to get a confirmed break of the channel
You know my targets if this is a bear setup (see yesterday's post). If this is a bull setup, then I'm looking at the 1025 - 1035 area (top of the channel). I won't have confidence in the bull target until we get a confirmed break of 1015. The bear case needs a confirmed break of today's low.
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You do good work, keep it up. Nick
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