This is a longer term chart showing a 50 % retracement target to 1335, this is exactly where we have an open gap that has not been filled.We also have some downside open gaps that have not been filled.
1340 is the 200 MA on the monthly chart also.
we have opportunities in both direction.
This chart is showing a few open Gaps. The one that is changing my perspecitve is at 1335 area.[9:35:53 AM] Brightstone (Joel) says: This looks to me as a set up for an investor trap. Considering this is pre election, and with the movements in currency dollar strength, Oil price decreases and the smoothing over of the subprime crisis and bank failures, this new target seems completely reasonable to me. This is sort of a bull trap. I noticed that my short bias has influenced my trading and was searching for a way to leverage sentiment and this was staring me in the face. The 50% retracement is also at the 1335 area. The pattern is an ascending triangle with accumulation. The aggressive buyers outnumbering sellers since the temporary bottom has been put in.
If it completed to 35, we would have an ascending wedge.....I will be watching volume too. I can't imagine a 3 million volume upmove day like 7 - 16 to push us through.
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