Thursday, February 15, 2007

Reversal of Bear Trend? Leg 1 of Bear Break Created Last Night

Last night's pullback really had legs. The Key Resistance level we taked about, at 1456.75, was totally blown away! With this, we have effectively created Leg 1 of Bear Break. We still need the 3 Legs to turn the current BEAR TREND, into a BULL TREND. At the close, we have a breach of last PRIME Support on the Trading Chart, created by a Minor PPF of Resistance. PRICE does look like it is heading down challenge last PRIME Support. Again, we must create a Higher PRIME Low (last PRIME Low on the TREND Chart is 1435.00), which will then form Leg 2 of Bear Break. PRICE must then head higher than last night's high at 1461.25, to form the last Leg. Do bear all this in mind for tonight's trading.

No comments: