StockG Take a look at this. I want to show you how I determine the critical levels of $76.00/$76.62
Go back to 8/14 and notice the 13% in two days on large volume only to be superseded by a rally of 24% using lows and highs through 8/19. Its critical to realize that on 8/19 with massive volume shares failed to pass the $76.00 level. This is the very reason shares have been holding this critical level four times now and have reversed on that support level. What was resistance becomes support...So this is why I take the stance that nothing major has been broken until this level has been broken and not just breached. This nearly four month pattern has held well (sideways channel). I enjoy our technical discussions. Thanks!!!
Italia, your price/volume observations about the $76 level explain well why the level has held. I do appreciate that bit of learning !
However, after months of chop, I think I see an impulsive down move starting eight days ago (15 min chart, Elliott wave 1).
The retracement (wave 2) looks like it's complete after this two day rally. The next big move *should* be downwards (wave 3), with $63 the target. Yeah, I know you think this will never happen :-).
I was wrong the other day - using a similar pattern - about how the indexes would move after the Fed. So I am pretty humble. However, most times, trying to catch Wave 3 works for me. We'll see in a few days ... GLTA.