Wednesday, October 21, 2009

Today's Market

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A.) Prices opened higher with a series of stronger bars on decent but not great volume.

B.) Prices sold off in a disciplined manner to the 50% Fibonacci level

C.) Prices bounced along the 38.2% Fibonacci level.

D.) Prices dropped hard on extremely heavy volume. Notice the strong downward moving bars.

A.) Notice there is a large amount of technical support at this level.