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Tuesday, May 10, 2011


This morning the market back tested 1351.50, and it failed. There is a chance that the 1351.50 is still being tested to find the stops. Currently at the handle (bottom of the top channel of the fork) and exactly on the 0.768 Fibonacci Fan line. The market will have to test this level too.

GAD ZOOKS! I just noticed my candle chart analysis was for an Hourly Chart!
Forgive me, today was a Long White Candle which means the Candles were correct! and todays Long White means - Hold Long.

On an HOURLY time frame I see a High Volume Doji. Not a bullish signal. My guess is we will back test the 1351.50 and bounce higher which will satisfy both the hourly and the daily. Whew!... This fits wells with the Upwards Yellow fork, most likely bouncing off the handle (center line).

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