looking at the monthly chart you will see that
price stopped at the long term target price of 86 and retraced as it
should. The shorter cycle started higher and the first price objective for
this move higher is 80.37 with the second price objective at 89.61. for
price to start lower it should have to go through 73 and then the first price
objective would be 67. There is currently upside pressure being applied to
price at this time on this chart.
The daily chart has upside pressure being applied
to it also. the indicator is over extended and trying to turn down at this
time. Price has been stopped by the second price objective for the move
up. For a move down to start price would have to go through 77 and then
the first price objective would be 75.
If you are long now is the time to take profits and
wait for the next move, up or down. If you are flat there is nothing to do
at this time. If you are long and like the position you might
think about buying some protection. The 78 puts are trading at
value.
