Sunday, October 21, 2007

ATW Analysis for 10.21.2007


Monthly chart shows resistance at the $84 high - profit taking is evident.

Weekly chart shows a bearish engulfing candle pattern, with last week's price action all but erasing the gains made since rate cut on September 18, 2007. Chart also shows 5 waves up into the $84 high, and the move up was made with divergence.

Daily chart shows yet another possible 5 waves complete into $84 high. We now have a reverse cradle pattern (bearish). Look for continued weakness into next week.

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