I commence with my humblest gratitude to The Most Benevolent, The Ultimate All-Knower
For a retracement to be of any significance, it must last at least 3 trading bars (days), This condition was satisfied yesterday and it has hit minimum retracement price requirement of (fib.) 23.5% and 25% and 33% (Gann).
Now the question is that, is the rally going to take the markets higher or just retest of the recent high. NASDAQ (and it ETF QQQQ) has cleared the resistance. However, SPY, SPX, DJ-30, DJ-Transportation, NYSE Composite and Russell 2K, has failed to do clear the resistance or have not done it yet. Monday is critical day, to prove any hypothesis of going further long until September 29 (or Oct first week) or the continuation of previous reversal.One point of caution, today’s rally is lacking the volume.
http://trade-in-harmony.blogspot.com/
sorry i've made comment before you posted rest of message, now i have answer for my question
so we should see continuation of rally up ?
what about big drop forecasted in august, you think it will be delayed or its no longer valid ?
its pretty strange, how long market can rise so sharply..
Mr. Syed,
Perhaps you could give an opinion. Is ORCL forming an island reversal?
Thanks,
Mike