Friday, November 5, 2010
This will probably be the last time I'll show this prediction made nearly three weeks ago. Until yesterday the targets were right on. The 1202 target was not even a bump in the road, but my call for higher prices was over all pretty good. Now it's time to move on.
All the previous downward forks have been violated and the next position does not look especially bearish.
The Fibonacci Ratios suggest 1392 as a possible target, and the forks tend to agree.
I'm feeling uncomfortable suggesting this, but this is how the lines are falling.
The previous peak of 1219.80 is being tested and a pullback is likely, and while it is possible that Price could just be making one last run outside the fringe of the forks; until the pale green fork from Mar 09 is violated near 1140, the trend remains up.
Posted by Robert Campbell at 08:44