Saturday, April 17, 2010

Weekly Outlooks April 18th 2010


Could be in the midst of making a bottom based on recent price action however based on weekly Elliot wave count there is potential that wave 4 is complete and wave 5 is next to new lows.

Make or break right now is 121.055.

Buy dips into 61.8 and 82 weekly fib levels with a stop at 121.

Caution is noted because the daily trendline (TL) broke but the market did not close below TL.

Market may range between 123 and 127.

A close on the daily below 121 gives us first target level of wave 5 of 118.84.

A close above 128 exposes 132 and may attack 134.

Remember this is just “One Man’s Opinion”