I've been keeping an eye on Goldman Sachs (5 min chart showing
strength) on the basis that it's the proxy for XLF. We've been
bouncing around between 160-170.
If we break and hold above 170 then I'll stay long.
If we breakdown below 160 then I'd say there's a good chance
that the wave 5 is in and the weekly and monthly chart's resistance
- monthly chart (20)MA - will play out. Seems like we are drifting
sideways short term.
GS
XLF, BKX
Posted by manson805 on 25th of Aug 2009 at 11:07 am
I've been keeping an eye on Goldman Sachs (5 min chart showing strength) on the basis that it's the proxy for XLF. We've been bouncing around between 160-170.
If we break and hold above 170 then I'll stay long.
If we breakdown below 160 then I'd say there's a good chance that the wave 5 is in and the weekly and monthly chart's resistance - monthly chart (20)MA - will play out. Seems like we are drifting sideways short term.
GS
Posted by glennsexton on 25th of Aug 2009 at 11:17 am
appears to have formed a H&S pattern