Posted by junkmaylbox on 16th of Mar 2009 at 08:55 pm
With all the respect to your chart, I would expect XLF to drop
to low 7 when $djia hits its measured target of 7063 on ravun's
chart and goes lower. To reverse this drop, strong support will be
needed. Gaps resistance at 733 will not be one, hence a further
drop to 820 and likely to 813 will ensue. There a retest of
the rising trend line will take place. This is under the scenario
that the bottom is in place.
My target for XLF is at least MA(20)=7.47. There is also support
between 7 and 7.20, which should be a likely target. For what it's
worth.
That should take FAZ to about 56 and UYG to about 1.76.
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XLF
Posted by junkmaylbox on 16th of Mar 2009 at 08:55 pm
With all the respect to your chart, I would expect XLF to drop to low 7 when $djia hits its measured target of 7063 on ravun's chart and goes lower. To reverse this drop, strong support will be needed. Gaps resistance at 733 will not be one, hence a further drop to 820 and likely to 813 will ensue. There a retest of the rising trend line will take place. This is under the scenario that the bottom is in place.
My target for XLF is at least MA(20)=7.47. There is also support between 7 and 7.20, which should be a likely target. For what it's worth.
That should take FAZ to about 56 and UYG to about 1.76.