The rebound from Feb 10-Low will be continuing with the support from Greek Austerity Bill

The dip on Feb 10 was a normal bull-relax at an overbought state but catalyzed by the mess from the Greek debt solution. Anyway, a cautious bull must take this as a warning sign.
I think the rebound from Feb 10-Low will be continued thanks to the support from Greek Austerity Bill.
Bull is fine as long as the lower line of the mini uptrend channel initiated from Dec 21 is respected.
I guest that bull may show more strength by winning 1354.32 in 2 days, otherwise, a consolidation may be ahead.

As an EW novice I would like to present my combination of EW counts with the Ascending Broadening Right Angle Pattern. May I expect a target from 1360.xx - 1370.58 (1370.58 = May 2,2011-High) for this combination? Let's see.

For the 2/13/2012 day trade I would pay my attention to 1337.35 - 1340.64 as supports and 1,348.00 - 1,351.30 as resistances.

No comments: