|$Compq- 2958 target|
|Written by Gary Caumont|
|Friday, 22 June 2012 07:14|
Yesterday was the last day of the 55 day cycle 5 day window and we had a bit of a sell-off- see the following 14wk daily chart.
The chart shows a possible 3 wave move in bold starting at 2727 with a wave 3 target of 2958. We should have hit this target within the 5 day window- the fact that we did not implies a possible change of trend. The sell-off stopped yesterday on the trendline shown which the bulls need to hold. A fall below presumed wave 2 low at 2802 puts the bears in control with a further fall below 2727 activating a large ABC down with wave A start at 3134, B top at 2942 and a C target of 2535.