A Chart
From the ATH, P has retraced to almost the 61.8 Fib level. P is also reaching into the area where there would ordinarily be sell stops - market grabbing liquidity me thinks!
I don't see much resistance to the next leg down - 1.50 - where there would also be sell stops placed. Past that and you have 1.40ish - and more sell stops.
It will depend on how the major players try to manipulate P to grab more shares from weaker hands in the market place.
You also have to take into consideration the boarder market.
The Dow (old economy) is up 20% from its lows, has broken trend and is now taking a breather.
NDX (new economy) is up 16% from its lows. However, it hasn't broken its longer term trend and is in a short term range. Question is, which way will it go??
The SPX also reached a high of 17% from its lows. It too is in a short term range. We are also waiting to see which way it heads.
Here are a couple of comparisons - the often spoken of stocks
CXO
PLS
LIT
As you can see, everything shown here is down. There may be stocks that are up. Someone else can find and post those.
My point is that if people are invested for the long term then 1, 2, 6, 12 months SP movement becomes irrelevant. The main thing that LT holders need to be concerned about are the fundamentals of the stock in question. I'm comfortable with my conclusion in that respect.
Please do your own research and satisfy yourself with you investment strategy.
New TA/Charting, page-10936
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