bob,
sorry if i confused ya !!! admittedly dont have the time to update the formations during the session !!!
=(
intraday basis is at the oversold, but it does not mean that it can stay there for sometimes before it reverses higher, bob !!!!
since it broke the rectangle today, giving the size of the flag, it may and can retreat to 1862-1843 <which represents 1.50-1.618% retracements of the 07/25-08/02 broken wedge> in the short term basis !!! however, since it is indeed trading at the oversold sentiments, one just has to observe where it starts its reversal <likely to be one of the mentioned supports in the previous post> !!!
now, the May's bullish wedge - bob, i've never really paid much attn to that wedge, but its trend lines as a support/resistance areas !!!! aside from the fact that it has taken so long to break outta the formation, it's a bit too obvious, imo !!! i've mentioned several times in the past <dont know if i ever posted here or not> that there's a chance that it may morph into a down trending channel !!! now, since it broke the rectangle to the down side, although there maybe a rebound to test the broken trend line, or higher to retest the august 2nd down trend line, i suspect that it may fail and heads lower in the short term basis !!!
hope i make it a bit clearer, at least <GGG>
regards and good luck,
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