Tuesday, April 1, 2008

Afternoon update:Fibonacci 38% retrace reached, next trendline struck...




$TRIN is now quite low, under .6 and after a wild rally driven mostly by end of month and end of quarter adjustments, I suspect this rally has finally finished...

2 comments:

Shawn said...

Mark, if you drew the trend line at the high of Oct end (2239), and connect early Dec high (2147), it looks like the trend line meet the 50% retracement perfectly at 1920?

This also corresponds to SP500 @ 1400+, which is also a good target by trend lines analysis.

mlytle said...

Hi Shawn,
Yes, it could do that...I can't rule that out..with $Trin real low I would expect at least a pullback here, what happens after that will determine if it gets up to the 50% retrace..although yes, it's possible...