Thursday, October 28, 2010

Measured Move Target Almost Hit on the NDX

NDX has just about hit its triangle target today, so that's another reason to be a little cautious on the long side right now. Furthermore, the Dow must break above 11,258 to confirm another leg up in the market. The NDX still has about 15 pts to go. Today could be an important high point. The measured move is an estimate, so it could overshoot or undershoot the target. The bottom line is that the target is basically met, and for that reason, there is a potential pivot lower in the works at any time.

No comments:

Post a Comment