You ask what that is?? Well its bouncing around of Fib lines and 'key support and resistance lines.
This first graph shows the Xjo'breaking' down throught the old 'range' (in red) and falling to find support at the 38.2% fib line (Nov 2007 high - March 2009 Low). It has since bounced off the Fib line and hit the 'bottom' of the old range and filled the gap down.
has the XJO created a new range (s-t)???? This is highlighted in 'green'. Personally i think not, this market is moving and i think its moving UP. I know a lot of people have been calling this as 'the correction' and indicators have turned but we haven't had that final burst to really signal a 'blow off' top....i think its still coming
i think the 38.2% line will hold
Also this is the DJIA bouncing off the 38.2% line ASWELL....
seems to be key support for both markets.......
Safe Trading
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