Simple's Green Room

[Heavyweight]

Pennies, I was looking at the higher time frames as well when I saw the possible target. On the monthly, price has tagged the 78.6 on the latest spike down @ 7592 and has since pulled back a bit. With a bearish engulfing candle forming on the weekly, a pull back to 7328 may be in the cards which is a strong weekly support area. That means the monthly is working on forming an Inverted hammer after consolidating in a downtrend. Not to mention that the consolidation took place at the 88.6 of the last monthly leg up. She's going up my friend in the process of a wave 1 in a wave 2 counter trend move and has been all month over all. Just MO though. I would post a chart but my computer is acting up...again.