Sunday, January 21, 2007

WM Analysis for 01.21.2007

The move up from the November 2001 low appears to be corrective in nature. Could this be a diagonal triangle forming? We have now hit a high at the 1.618 fib level. Possible 5 waves up now into the $47.01 high in May 2006.

Market has now tested the $47 high 3 times -- each time was met with selling.

Sellers were met with early buyers on Thursday and Friday of last week. We now have a bullish engulfing candlestick pattern off the small LIS at $43.50 area and the 89sma.

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