Saturday, July 26, 2014

Almost ready to run back up.

20140727: Almost ready to run back up. The Dow when up to 17,140 at its recent high. The correction I predicted in last week's commentary then began, right as predicted. the current low is now at 16,915. I think it will go lower. I'm looking for it to touch the Fibonacci support I have on the chart at 123.60%, for a value of 16,851. That's only a few more points down. From there I'm expecting a bounce to resume the run back up. An alternate count would be for the correction to stop at the SunnyBand without reaching the Fibonacci line. The MidLine is currently at 16,926.47. That could stop the downfall in a point or two.

What to do? As for me, I took profits on the red candle that touched the SunnyBand and am now ready to buy back in to hold for some more run up.

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