Wednesday, November 23, 2011

11/23/11 - EOD Update [4:12 PM Update]

[4:12 PM Update]

I added the head and shoulders target on the primary chart below. Price is nearly there coupled with the 62% retracement and the wave y=1.618*w extension target.

I expect it to provide a floor there.
Primary


EOD Update

Looks like the market wants to head for the 1157-1153 zone to tag the 62% retracement of the 10/4 rally and y=1.618*w per the primary.

Positive MACD divergence is building for the 30 min and 60 min intervals, with a confirmed divergence on the 15.

Based on both the primary and alternate1 below, once this leg down is complete, a decent bounce may be in store with the 50 day SMA as a logical target.

US markets are closed tomorrow for Thanksgiving and open for half the day on Friday.

Happy Thanksgiving to all!
Primary



Possible near term support here.

Alternate 1
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