SPY could bounce here but more than likely headed lower to Magenta line, then bounce off of that supporting up trendline.
Research I did revealed that parabolic stocks revert to the 0.618 Fib. level ($316) I looked up the P&F Objective, it said $336 So, we'll see which is right in due time. I find it interesting how the 13 & 26 weekly moving averages have played key support or resistance levels.
Probably tomorrow will be the real test.. Cautiously LONG
Solar sector is taking off, this stock is lagging somewhat but the stars are lining up for a significant move. $3 is my target price.
CRM just busted above over-head resistance on an ascending triangle formation. Measured moves for three parts of that triangle are projected into the future with prices and dates. I have no idea if they will come to be but many times charts have symmetrical moves.
BULLISH, on a monthly perspective, this 2009 to the end of 2012 uptrend is still intact unless the trendline is taken out. Using the Oliver Valez method of rising 20 and rising 40 simple moving averages (sma) we still don't see the uptrend violated (in green dotted), in fact, the r 20 sma still has not been violated and according to him, in some cases the final...
Employing several methods, I come up with a future buy zone of 350 to 390....
After the parabolic move and climax top, this is likely to give back 50%... Macro Megaphone Pattern might be developing. Future Buy Zone is from $350 to $390.....
Fisher (9) indicated a bottom at this same level when price was at $519.95 Projected Price by March 1st 2013 is about $748
Basically two choices:' more downward to the next level or the Dogi of today signals a new uptrend Tomorrow should reveal the direction.
Bearish if Right Shoulder acts as resistance level. Price target then would be $393 to $320..... $355 most likely.