Thursday, May 6, 2010

This Is All I Got

I warned about a 3rd of a 3rd in the am post. My 52 target got rocked. Blowing thru support like knife thru butter. 50% retrace at 1132. 61.8% retrace at 1111. First gap is 1125 to 1123. Beyond that the next gap is 1079 to 1076. The low at 1044. Trendlines are not working all that well right now. To add insult to injury, I'm not seeing any divergences.
 CPC says this should continue for a while. I know, I see CPCE, but those red and blue lines (blue to blue and red to red) on CPC have been pretty good so far (plus with this being a 3 most likely there is still a 5 to come).