I still think it will be a $BKX exhaustion gap
Posted 27 December 2006 - 09:56 PM
Posted 28 December 2006 - 07:13 AM
If we are going to B wave down...a good target is either the 34ema on the hourly at 12432 or the 8ema on the daily which is presently at 12426. That could conceivably set up a right shoulder that has a target of 12705 if the neckline is taken out near the 12530 area. That is well above the top target of the ED but with throwover maybe it could hit it?...Regardless..it's another target to be aware of and if the pattern did fail once above the neckline before reaching it's target.....it's very bearish as a bull trap would have been sprung. If an ED..the target would be the point from which she started..just south of 12000. I'd watch this one...and keep 670 OEX in the back of your collective minds. It's the .618 back to all time highs and the TL connecting the two highs in 2000. A weekly close above 670 and we are going much higher.
Posted 28 December 2006 - 01:11 PM
Posted 29 December 2006 - 03:30 PM
Posted 29 December 2006 - 05:07 PM