First resistance will be at 3025 where we will fill this mornings gap. After that, it will be the 3150 area. Predicting too far into the future is not easy. $000 on the Nasdaq is gone...forget about seeing that this year and probably next. Near term....3500 will be some tough resistance now, so if we happen to get some good news a bounce to that area could be possible. My own personal feeling at the moment is that any bounce we have will have a small chance of getting past 3150.
The charts told us to watch out for that 3000 level because if it broke the predictive nature of the patterns says 2300 is coming. I have been outlining this scenario on my site for about 2 weeks now, and others have just begun to hit on it as well. I cannot say for sure that 2300 is coming, but that's what the chart is predicting. Unreasonable? So, was a bounce in the DOW from 9800 to 11,000 within about 10 days, but again, the charts told the same story, by consolidating after a 600 point move to 10,400, and thus predicting a move to 11,000 which came true. |
