MC, I'm sorta misquoting shack. I was pointing out that in the period I mentioned (approximately 17 weeks) anyone waiting for JPM to retrace any fib % was waiting in vain. So watching JPM go up for 10 days here and thinking that it's likely to fall back a bunch is ignoring a prior strong trend.
I'd also point out that on the weekly
stockcharts.com[a,a]waclyyay[d19980929,20051229][pc9!c13!c20!d20,2!c50!b50!c200!b200!f][vc60][iLa12,26,9!Lh5,5!Li10,10!Lp14,3,3!Ll14!Lo14!Lb14!Le5,10,1!Lh89,34!Lh45,17!Li180,68!Lp3,2,2!Lb5!Lp13,8,3][J30509437,Y]&pref=G
JPM has regained the 50, 200, and, well, all the other colorful lines on that chart, has the MACD popping up over zero, and all sorts of other indicators pointing UP with room to run in most cases.
So, I'll make ya a bet -- 35 won't come this year. If I'm wrong, I send you a beautiful holiday card. If you're wrong, you pay for Freeplet's college education!!!!
the freep |
