ICE Analysis for 12.30.2007

INTERCONTINENTAL EXCHANGE - ICE

Is the top in for ICE? The monthly chart shows a possible 5 waves up pattern into the current high. A bullish engulfing candle at the top is a key warning sign of a potential reversal. The last leg up out of consolidation was made with key divergence in volume. This is as good a time as any to lighten up or to exit and lock in any profits. There is no confirmed sell signal in place as of yet in this timeframe.

Weekly chart better shows the possible 5 waves up into current high. No confirmed sell signal in place as of yet.

Daily chart shows another possible 5 waves up in the last move up from the August 2007 low. Thursday saw sellers gapping down the price at the open of trading in their haste to exit the stock. IF this is indeed 5 waves up, THEN look for a deeper retracement. First downside target is $147.25 area. No confirmed sell signal in place as of yet - keep this on the watch list for next week.