http://yfrog.com/efspxsubchart2jhttp://yfrog.com/efspxchartmasterjThe above charts are my map of the market. Price rebounded at 666 off of the bottom of the fib fan. Notice the channel I have drawn from October 2008 to the present time. Price appears to be up against that trend line. The trend line is very significant, in my opinion, because it originates from a fan line that was the anchor point of the 1987 crash. It will take a very significant event for price to keep going up at this point. Now look at the bottom line on the channel. This line originates at the volatility event in late February 2007 where price suddenly took a slide without much notice. This line is also very strong. From this point, I can imagine a very steep price decline and once price gets past the last fib line then Im not certain exactly how low this chart can go...One scenario I can imagine is price retreating back to re-test the old low at 666 and consolidating for another quarter or 2 before eventually resuming an up-trend. Its too early for price to rise past the current point without consolidation.
Pinoy, Looks like you were right on once again. Congradulations
Thanks @BullPreacher. I hope that it runs up some more.-MC
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