Tuesday, March 11, 2014 11:14:09 PM
YIPI Fib chart update for today's trading:
So we got the break through on the 38.2% extension line (the horizontal fib line in yellow). A hugely, hugely important line, especially with the 38.2% fan line coming in for the pinch. That said, I raised an eyebrow with how it broke the line. This candle looks spectacular, but normally, with a break of this kind, it has a top wick. We only had that one trade at the end of the tape that created the stick the way it is. Granted, it was a nice large trade, but there were end of day offers below the buy. It tells me there are still potential sales waiting in this resistance area. Being so low volume, the chart can become shaky on it's fundamental properties at first glance. Level II action has to thus be accounted for. That said, I see the clear break through and conversion to support as happening sooner than later. Perhaps tomorrow. But, in order to actually convert, the buy volume has to happen on the offers at the resistance level. Just not sure it's cleared yet. If we wick up to the 50% extension line tomorrow, then I'd say it's definitely clear, and converted to support; of course, it would need to close above .48/.49 as well. If that's the case, then we are primed and ready. As the 38.2% fan line closes in on the 38.2 extension line, I expect a new wave of support under our current PPS. The fan line has clearly been converted to support, and any underwick "should" only drop down to it, not below imo. I don't see it possible to get any bid sales under .45, perhaps .46 by tomorrow.
All my opinion based on the chart I see.
GLTA!
GO YIPI!!!
So we got the break through on the 38.2% extension line (the horizontal fib line in yellow). A hugely, hugely important line, especially with the 38.2% fan line coming in for the pinch. That said, I raised an eyebrow with how it broke the line. This candle looks spectacular, but normally, with a break of this kind, it has a top wick. We only had that one trade at the end of the tape that created the stick the way it is. Granted, it was a nice large trade, but there were end of day offers below the buy. It tells me there are still potential sales waiting in this resistance area. Being so low volume, the chart can become shaky on it's fundamental properties at first glance. Level II action has to thus be accounted for. That said, I see the clear break through and conversion to support as happening sooner than later. Perhaps tomorrow. But, in order to actually convert, the buy volume has to happen on the offers at the resistance level. Just not sure it's cleared yet. If we wick up to the 50% extension line tomorrow, then I'd say it's definitely clear, and converted to support; of course, it would need to close above .48/.49 as well. If that's the case, then we are primed and ready. As the 38.2% fan line closes in on the 38.2 extension line, I expect a new wave of support under our current PPS. The fan line has clearly been converted to support, and any underwick "should" only drop down to it, not below imo. I don't see it possible to get any bid sales under .45, perhaps .46 by tomorrow.
All my opinion based on the chart I see.
GLTA!
GO YIPI!!!
I can only provide my own speculation and theories. I am not qualified to offer any
investment advice. Everything I post is my own opinion. DO YOUR OWN DD!!!!!!!
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