Thursday, May 24, 2007

Point & Figure Charts

Let's take a look at the point and figure charts. The sell off the last two days so far hasn't even been enough to trigger a 3 box reversal. So far the price action this week is just noise. Side note: the bullish price objectives have moved up a bit, the Q's are currently showing a price objective of $57.24 and the S&P is now at $1922. Keep in mind that this doesn't mean that the indexes will trade up that much. However in strong bull moves they quite often do hit their price objectives. The bullish price objective on the Dow was 12,548. As we know the Dow blew thru that and is now 1000 points higher.