Starting with the Yearly chart, Price is in the upper 25% of it's recorded range:
and above the midpoint of the 2008 bar, yet resisting the 61.8% for now:
With the month coming to a close it should be important to see if this November bar will close above or below the May corrective bar as the $122 (61.8% retracement) price continues to be rejected:
As the 2bTop still has potential, a close below $119 by month's end could bring a correction (A close below $119 may be difficult with tomorrow being OpEx). There is a confluence of support below at around $112, it is the monthly 50% Fib level and the weekly 50% retracement level following this most recent advance.
And now the Daily. Price was rejected on the first test of a 50% retracement following the most recent impulse down:
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.