We were able to book some nice pips on the last leg down on the GU on Friday. We had a pretty good week overall.
MONTHLY CHART: We are at a crucial point on the GU monthly chart. If price closes the month above the 5303 area then the GU could begin a nice retracement to the upside. So as we trade Sunday, we will keep that in mind.
Weekly and Daily Charts:
The weekly chart has not yet tested its 23.6 level at 5070 nor has the Daily chart tested the head and shoulders target or the bear flag target. As we are all aware of, the market moves in waves so we must ride those waves. We know that more than likely the targets WILL be met but we must figure out hte waves in order to plan our entries. The daily closed froday with a doji so I am anticipating a pullback at least tot he 5300 or better level before another wave down.
The weekly chart has not yet tested its 23.6 level at 5070 nor has the Daily chart tested the head and shoulders target or the bear flag target. As we are all aware of, the market moves in waves so we must ride those waves. We know that more than likely the targets WILL be met but we must figure out hte waves in order to plan our entries. The daily closed froday with a doji so I am anticipating a pullback at least tot he 5300 or better level before another wave down.
