Tuesday, June 8, 2010

Do we see an intermediate term bottom coming as we approach the weekly Bollinger Bands?

I think so...watch RSI on short time frames for fairly extreme readings as we get near the weekly BB's...Fibonacci considerations produce a possible bottom near the 1024 area...which is near the 1027.57 level of the weekly bands...

(click on the chart to enlarge it)


Fed engineered a bottom today at 1042.17, to create the illusion of a double bottom with 5/25/10. There seemed to me there was no technical reason for it, not yet oversold, not at Bollinger Bands...We'll see how well it sticks...

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