Yes KillaMarci, looks like a bearish pennant on clarkmoody. Most of the rocket fuel has been used up on the China news and there is not much supply over the weekend. Might retest $100.
I think we will retest $90 if we go under $105 (and i think we will).
I think $100 will not be breached but no bets. My reasoning:
79->119 first retracement 104.2
95->119 second retracement 103.7.
I am calling 50% probability that this will be the area of capitulation, and next we go up.
- 25% we go to the $95 area and then up.
- 25% we leave this behind right away since 105 mighty wall already took two assaults from above, and was not even close.
There is immense buying pressure.