The TradingEdge

[QWIKSTRIKE]

Looks like the weekly chart shows a higher move up happening. Right shoulder would be 1130-1150. The fibs show us already making a 50% trace back towards 1219.80. The Next retrace pivot is 1115.36, and the R2 is 1113.94, and the 200 Sma is 1113.40. So we should test the 200 day. To me it seems like we did an 5 wave A to 1099, and a ABC B wave to 1056.88 and now we could be doing a 5 wave "C" move towards the monthly r2 of 1065.25. We should do a pull back here, and I would say a HCR keeps us range bound between 1087.76-1103, or a expanded flat that takes us as low as 1076-1071 with the real extremes possibly hitting 1066.91 a 78.6% retrace! If the monthly Stochastics turns at the dotted line look for way higher targets than before. Let's see where we go.