Sunday, March 28, 2010
Last week of the quarter
The 1180 level that I have been talking about held on last week as upside resistance, but whether or not this will be the ultimate high before wave 3 starts remains to be seen.
As the chart above shows, we now have a weekly RSI divergence, and along with the volume divergence we have been seeing for a few weeks, and the weak seasonality that the end of March can bring, we now have the best chance to see a deeper pullback then what we have seen so far since the March 2009 lows. This of course does not mean it will happen, but at least we have some convergence of factors pointing to a probability.
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