Short Term Trading Member Forum

[pmiles]

There is now a target on the 1.25 week FMA at 1811. We have broken the 1.25 week VTL so we have 2 confirmations that we are dropping into a cycle low larger than just a 1.25 week low.

The 2.5, 5 and 10 week FMA's were flat so they do not give us valid downside targets. If they did they would all be at the same 1811 level anyway.

The 20 week FMA is also flat but interestingly is currently at the 1811 area.

We now need to see what happens at the 2.5 week low which could be today, Tuesday or even Wednesday. Obviously undershooting the 1811 target would tend to confirm the uptrend is still intact, overshooting would open the door to the idea that we are heading into a much larger low already.