Tuesday 19 July 2011
UPDATE to SP500 comment
Further to the weekend comment on the SP500. Yesterday the futures rebounded exactly off the 61.8% retrace. - If it turns out that the Cup and Handle pattern I have identified is valid, then often the handle sees a retrace of 1/2 - 2/3rds the height of the handle, with 61.8% being the ideal stopping point. Of course given the volatility and the fact that 61.8% is often a support zone, this does not confirm anything yet, but it does keep the bullish idea alive.
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