To go along with the Daily chart I just posted, I have some separate thoughts about all that as well.
With the 2500 level just tapped and the hesitant PA like we currently have, I'm not too excited about sustained lows below that 2550 up to a'rd 2800 level that i posted about in mid January. Rumored "Events" in the making could easily change my mind about that tho, and I'm basically a bear on a hair trigger these days, and I'm pretty nervous about any mid or longer term longs for now. ((See your nearest weekly chart))
I also said that 2800 might be a little low for the upside and 2900 might be more realistic. With the way price hung above 2850 on the way down, that 2850/2900 level may well be more accurate... but I'd have to see how price acts from the bottom side up instead of from the topside down to say further. ((see note below))
I still like the 2550/2800 "Buoyancy Level" I've drawn on several charts over the last month or so, and will trade accordingly until I have a reason not to.
Added: In the interest of keeping it simple, let me split the difference on the upside range and just say 2850 for now...
With the 2500 level just tapped and the hesitant PA like we currently have, I'm not too excited about sustained lows below that 2550 up to a'rd 2800 level that i posted about in mid January. Rumored "Events" in the making could easily change my mind about that tho, and I'm basically a bear on a hair trigger these days, and I'm pretty nervous about any mid or longer term longs for now. ((See your nearest weekly chart))
I also said that 2800 might be a little low for the upside and 2900 might be more realistic. With the way price hung above 2850 on the way down, that 2850/2900 level may well be more accurate... but I'd have to see how price acts from the bottom side up instead of from the topside down to say further. ((see note below))
I still like the 2550/2800 "Buoyancy Level" I've drawn on several charts over the last month or so, and will trade accordingly until I have a reason not to.
Added: In the interest of keeping it simple, let me split the difference on the upside range and just say 2850 for now...
FUBAR...