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Monday, May 14, 2012

Monday

I said I was leaning to the downside until the downward fork was broken and 1330 was the target and I showed you the line of resistance which held.  Not bad eh? 

Support has been built in at this level. A bounce to somewhere around 1370 - 1380 should be expected.

It might have been interesting to hear some opinions from others.    Oh well... free analysis and another opinion is probably only worth what it cost -  right?.  Oh yeah this blog is free...  LOL

Hmmm what has Crammer been saying?  Seriously I never listen to the man, but he always seems to be loud when I see him on TV.   I don't think he looks at the patterns... why do people care what he says?

OK forget Carmmer's predictions and draw your own forks.  Look at the Volume Profile and the possible Head & Shoulder off the high.
Doesn't 1270-1290 look like it's programed in for a target?


Do you find this interesting?

Now do you find it interesting?

Sell into any bounce that comes close to the upper limits of the Volume Profile.  The forks are clearly down.  

Above is an example of important levels being established.  Look at the Volume and look at the Price action.  This was a signal.   Now look at the price action since that signal was shown to us.

We have a head and should pattern (Green Channel Lines) as well as Fibonacci levels that all suggest 1280 +/- 10 handles.

Of course 1425 - 1450are still possible, but the patterns are suggesting price will fall. If the forks arebroken by the Bulls then I would look further into the patterns before going long. 

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