Tuesday, July 28, 2009

INDU and FTSE Fibonacci Alert

Turning attention to the FTSE and INDU this morning... OMG, HOW DID I NOT SEE THAT?
The INDU has had a .382 retrace of it's entire move down off the highs at 9108.
The FTSE has had a .37 retrace of the 3rd wave down.
The SP 500 since making 9108, is nothing but choppy, not an impulse wave in sight. Conclusion...
unless there is some mean acceleration down and soon, it will have to try for the highs again.
Given the INDU and FTSE fib .382 retrace, an anemic attempt or even failure would be likely.

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