We had a nice breakout (finally) that I was expecting from this pennant formation and I was beginning to wonder which way the big move was going to go but the bulls succeeded in pushing it higher. The interesting this is that the Asian traders were responsible for the higher move, quite opposite to the previous few days when the European and North American traders had been running it up and the Asian traders had been pushing it back down.
So now we are moving back down to the 50 MA before the final leg higher to the 14400 area which is still my current target. You can see that I have placed a fib chart within the fib chart and this has given what I feel is confirmation of my target. I often do this and have had much success with this technique. So it is a bit had to look at but let's just go with it for now. Actually there is three fib charts stacked there now... lol.
You can also see that the 200 MA is still turning nicely to the upside as well and with one more big move higher we could potentially move to the 30 minute chart to see if the 200 MA is also turning. I just had a quick look and it still has not. This will be important to take us beyond the 14400 to higher levels.
So now we are moving back down to the 50 MA before the final leg higher to the 14400 area which is still my current target. You can see that I have placed a fib chart within the fib chart and this has given what I feel is confirmation of my target. I often do this and have had much success with this technique. So it is a bit had to look at but let's just go with it for now. Actually there is three fib charts stacked there now... lol.
You can also see that the 200 MA is still turning nicely to the upside as well and with one more big move higher we could potentially move to the 30 minute chart to see if the 200 MA is also turning. I just had a quick look and it still has not. This will be important to take us beyond the 14400 to higher levels.