Friday, November 02, 2012 11:34:00 AM
Pretzel view and charts:
"My work suggests that an intermediate low is in place, and the market is now headed toward the (first) intermediate target of 1480-1490, but any trade beneath 1403 would invalidate that outlook. The first step for bulls to gain confidence is to overlap the key 1430.64 price point. Conversely, over the short-term, sustained trade beneath 1416 could suggest problems for the bull case."
"My work suggests that an intermediate low is in place, and the market is now headed toward the (first) intermediate target of 1480-1490, but any trade beneath 1403 would invalidate that outlook. The first step for bulls to gain confidence is to overlap the key 1430.64 price point. Conversely, over the short-term, sustained trade beneath 1416 could suggest problems for the bull case."
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