Hey everyone...I know that I dont post that much anymore(excuse me)...Ive been keeping busy and trying to stay focused in these markets...
~TIME~ I added most of my thoughts on this chart...there is one very important technical aspect that I am reluctantly leaving out, and that is the "Fibonacci Time Projections"...Legally, I dont think that I can describe them without violating trade secret trust with R.C.Miner...I really respect him and the technique belongs to him...I will say that in my personal Fibonacci Time Projection analysis, I found three different FTP confirmations for an ~SRS~ low on 12/15/08
~PRICE~{64.96-60.29} ...I discovered a bunch of wave projected Fibonacci external retracements around the 60.50 range...I also added the weird 64.96 # just to respect the simple price low made a few months back...the 60.50 price makes alot of sense when you view the ~IYR~ chart (~IYR~ is the 'slower' inverse/opposite of ~SRS~)... Technically, ~IYR~ has to continue up for ~SRS~ to make a new low...if ~IYR~ has a price action day monday replicating fridays action (=+10%), then that would put ~IYR~ exacly at its 50 day moving average test...If my analysis means anything, then that 50dma test will fail... A 10.5% up day/level for ~IYR~ will equal an exact 21% down day/level for ~SRS~...A 20% ~SRS~ decline will equal...you guessed it...the 60.50 range...
~PATTERN~ As I described on the chart,~SRS~ is forming an impulsive Elliott Wave pattern in which the fifth wave must demonstrate a lower level/price than the extreme price(low) of wave three...~SRS~ is almost there, but not yet... Also, all stochastics analysis is showing extremely oversold conditions...Even thursdays price rally didnt make a fast over slow breakout on the significant stochastics 21 day lookback period...
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