Tuesday, November 10, 2009
Potential Down Move?
Well we did form the top of the right shoulder this morning (.13c above the number I mentioned in my post yesterday) and now we have bounced downward off of it. We need to break through the bottom of this upward channel (see red trend line in Figure 1). If we do, we could see a significant drop today and potentially close around $108.20 to $108.30.
Figure 1. SPY 5 minute and ten minute charts showing the base of the upward channel in red
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We broke through the trend/channel on the 5 Minute. Now lets see if we can break through on the 10 minute... we're close
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