Wednesday, November 12, 2003
Tuesday 12 Nov, 45m chart update
This is a close up of yesterday's chart, showing today's price action. The "clue to the continued price action was the strong bar through the 25% (1/4) median. There was also good support from the gap, trendline, and Fibonacci as mentioned yesterday.
Note that the close up YELLOW fork is yesterday's gray fork. Today I added the "hyper" lime-green fork. In case you don't see it, also note the "retest" mini-double-bottom, which forms the pivots for the hyper fork. After a fitfull start, price climbed steadily, stopping just shy of the upper median line.
Now what? I've drawn in a potential Fibonacci retrace to get an idea of a likely retrace, but may have to up the ending point tomorrow. I speculate an challenge of the prior hi at 1061.5, which could come in the form of a small triangle. 1061 is also the upper median. This move was pretty feverish, so a consolidation to 1053 or at worst 1049, wouldn't be a surprise. Anything greater spells a reversal.
Pullback catalysts could be bad news-- or negative reaction to just so-so news. On tap for economic news for this week: Jobless claims Thurs; Greenspan, Retail sales, Industrial Production, and Consumer Sentiment Friday.
At last, over the rim
of the waiting earth
the moon lifted with
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows