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Monday, September 30, 2013


Price bounced off the top of the daily Kumo at 1667.31.  (The Ichimoku is not shown on this chart)

The yellow arrow points to the bounce off my target area and is testing the blue downward fork. If price breaks out of the small downward blue fork, then the gray fork will provide us with new support and resistance levels. 
The Bulls will need to break resistance at 1710.  The Bears need to break the bottom of the large upward blue fork.  These forks currently define the expected range until the market decides.

I think PermaBear is looking for a break above resistance.  The large blue fork is very strong, so he may be right.   What do you think?  Will we break out or down, and where do you see the next target when we break out of this range?

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