Kip....Last time we talked, believe we were kidding about raising our sights to 44 or more!....Well, cut through 44 like hot knife through butter. and not easy figuring out where we might go from here.
I had thought we should meet some resistance, and pull back, in the 40-44 area (from the lows in early 2000).. Now looking like the strongest force is the pull of the unfilled gap - which (as you corrected me) would be 48.13.
Those two are the most obvious possible TA targets here. One other possible appproach - maybe a little far-fetched - would be to consider all the late 2000-2003 action as a huge Head & Shoulders bottom pattern, which would measure to a target (geometrically) of about 49,
One way or another, I continue to feel that we are close to a topping here, and some pullback .....which may be temporary, or which, in view of the lengthy advance, could take some time to work itself out....Rest and recuperation could be healthy here...So keeping in a trailing stop, possible sell, mode here..... |
