Last night I was looking at the charts and seeing how we were stuck in a bear trend. At the time I thought we would have to break soon and as of 11:00 AM PST we did so a few candlesticks ago. I believe most of what needs to be said is on the chart. Over the coming days if we do go up keep any eye on those Fib extension levels. It would be wise to think about either A) Setting up take profit order or B) Notice how we stop on the Fib levels for some time and take some profits. Remember to not to sell all but to take a little profit if none of the indicators have confirmed a down trend. You never know when we could suddenly break up, and it likely will be fast. People are just itching to get into the market right now. Yet, they are not sure if they want to. A good sign that there will be a quick movement sometime soon.
Indicators
SAR – Made for some decent gains if you followed the signal it gave. Currently in BUY mode.
Aroon Oscillator – Based upon this we are now in the general zone where more moves up should occur. Since July 3rd it has been consistently below 0 which lead us to follow the bear trend down.
Volume – Looks to be going strong when we decided to break the recent trend. Not the best of confirmations. However, it is a good sign for the bulls.
Targets
Bull Target: $659
Bear: 610
Extreme Bull: 673
Indicators
SAR – Made for some decent gains if you followed the signal it gave. Currently in BUY mode.
Aroon Oscillator – Based upon this we are now in the general zone where more moves up should occur. Since July 3rd it has been consistently below 0 which lead us to follow the bear trend down.
Volume – Looks to be going strong when we decided to break the recent trend. Not the best of confirmations. However, it is a good sign for the bulls.
Targets
Bull Target: $659
Bear: 610
Extreme Bull: 673