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Jamie's Pick: 10/13/11

Jamie's Pick: 10/13/11

2011-10-13 15:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The sharp advance may be the beginning of the end of the wave 4 correction that has been unfolding since August. Currently testing Elliott channel resistance, 7784 is also resistance. As long as price is below 7956, I favor a top, reversal and decline to all time lows in order to complete 5 waves down from April. Yesterday’s rally is nearly entirely retraced and a break to a new low would shift focus to 7403 (width of consolidation subtracted from breakout level of 7594).

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