SB2000,
Yep - I'd have to agree with your call.
Its not certain IMO - ie. we COULD firstly drop sharply to retest the existing lows/bases then rally sharply from there - but on balance it does now look likely to me that we are going to breakout up - probably after a little pullback Mon/Tues.
IF the breakout does indeed occur next week, this would be my expectation:
- An initial target of approx 4000 (up about 800pts from the 3200ish low) which is 38.2 fib retrace of drop from 5250 AND also a major resistance level. We might also be hitting the 55EMA on the weekly at this time which would provide further resistance.
- From there a 50fib pullback to approx 3650 would be likely, followed by a probable further rally of about the same magnitude (approx 750-800pts) onto the 50 fib at approx 4300.
SB2000,Yep - I'd have to agree with your call.Its not certain...
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