CEB, I really like Robbs chart.
The set up is looking very similar to late 2008/early 2009
SP has crossed above 41ema and now come back to test it
The 41ema has turned upwards and heading up towards the longer 195ema.
There is still room on the Stochs for further upside.
Based on this, I am looking to a retest of the recent high of 5.5 and a break of this resistance could see a test of my next target at 7.5
With a tight stop loss in place, there is minimal downside risk and an initial upside potential to 5.5 with a possible further upside to 7.5
I have a weekly chart with Fibonnacci retracements, which I have been referring to since late 2008, which has proven very reliable for targets, both up and down. I will try and post it later.
10 reasons why pen's chart is..., page-39
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