12.14.2010

There is a regular head and shoulders pattern that spans the last
eight hours or so and it is only trying to finish the pattern. Any intraday chart will show this including the finviz 5 minute chart. It really needs to hit $29.45 as the neckline and $29.40 as the next level. The last move lower as of 7:37pm EST is $29.49 as the low and its rallied up to $29.60. Anyone whom wants to short this market, is encouraged to do this for a quick trade. With the 20 day average rising each day and most days the five is rising also all the benefit is to the upside. If we do break down below this level I mentioned on the head and shoulders, the move is to $29.00 which ironically enough is previous resistance and the 38.2% fibonacci level. Breaking higher above the key $29 and two thirds is in the 30s mark which would not be a surprise seeing Mid 31 to 32 tested within' 36 hours of breakout. That doesn't mean it will, but it is something I would like its chances of.


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