Thursday, August 19, 2010

Fib Levels

Toaday's mkt action took us to level 1 in my Fibonacci retracement levels. 1070.55 sat at 261.8%  we hit 1070.66..  We did a very nice 5 waves down and need to go into a 2nd wave or we do a continuation of the possible 3rd wave we could be in with a quick a,b,c pattern. We are a little oversold, but I was really looking for a larger sell off, I am patient though my next fib level is around 1034 area.. but the key here is we need to break 1069 now.. I will post some of my charts and if you have any you want posted just e-mail them too me. and I will post them.  Again, we need to see some selling in the Apple area, GE, had just incredible volume today, Apple very little.. we get the Apple to fall, we get this ball rolling faster.. good night.>L

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