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The Phisix weekly chart
updated every Mondays, last update -
8/31/2010
Parabolic Spike in the
Works
or Are Prices Toppish Right Now?
charts are courtesy of Metastock
The PSEi failed to
follow-thru on the prior week's gains and have left us with some doubt
once again in our minds if this will indeed do a parabola or not. The
position of the market right now is very, very tricky. From the way I
see it, we are either toppish right now or we are on the brink of a
parabolic move to the upside. The break above the resistance line of the
market the previous week (red upper solid trendline) indicated to me
that a parabola might be in the works but if prices suddenly drop back
down from here, that may indicate we may have peaked already. The level
to watch out for would be the 3460 level. If this is a parabola, prices
should no longer break below that level. Take note, if the market fails
to hold above 3460, we may drop back down to as low as 3200 (no, that's
not a typo). However, if the market is able to hold its ground at
current levels and consolidate at its highs, then, maybe we may be
setting up for a rocket move towards the 4000 level, if not higher.
Watch out Tsupiteros. The next one or two weeks will be very, very
critical.
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