Monday, 18 June 2012

3pm update - holding up into the close?

Those bears who did not take the opportunity to close out at the open will be getting real mad about now.

Its still kinda quiet trading though, so I'll take the opportunity to highlight this....

sp' daily, fib levels


I think the above chart is one of the clearest there is that summarises whats going on right now. Whether you subscribe to the idea that Fibonacci levels are important or not, you can still see that we remain in what is a strong wave'2.

A wave'2 that by definition should soon put in a lower high <1422, rollover, and then break below the recent 1266 low.

Target remains 1350/60....and then 1150/00   ;)

More after the close!