November 13 2006
Last week the index was coming into cycles for high and was at a possible lower high but needed a down day on Monday to confirm a lower high. Monday pushed up and eliminated the lower high but I still believe the index exhausted into last week and within the time window for a high point. It still looks like the index is going to continue in this congestion and do further downside testing. The first indication of that would be to close below the daily high of the first November. I’ve drawn a horizontal line at that point.
If there is a move up out of the recent three-day congestion it should stop at 6285 to 6297 and turn down. A move above that level could push it to 6370 or even up to 6474. I don’t believe that is the case. It still looks like the index is in a congestion that is consolidating the previous fast move up and will see some further downside testing for the rest of the month.
Quelle:
http://www.mclarenreport.com.au/yvs5...ult.asp?id=883
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