Wednesday, May 5, 2010


Looking at where the financials are possibly headed. the Blue lines are the bull corrective's rising wedge. I am of the opinion that the wedge has completed the A-E phase and should be taking out that lower blue support line sooner than later. this move should not end till that blue line is touched at a minimum. It should take a large thrust to pop that blue line. The green support line and the lower BB are what I am looking at as an initial target.
Here, drilled down with a fib added you can see we're just above the BB 20ma with the lower BB at 259. I'm thinking this move possibly stops somewhere around the 61% retracement near 266. That may not be enough if this puppy starts to really let go, but the PPT will support this group more than any. The major support levels (not drawn for some odd reason) are 272 and 244 then 224 and finally 194.