Equity Markets: Technical Update (11-17-08)

Looking at 3-day charts, these daily patterns are not very bullish at all. We are closer to testing the Friday lows. Intra-day I made use of the fib retracement levels during the wedge's progression, another tool to keep yourself from panicking. The very long neutral range was especially problem due to false breakouts and breakdowns. If you tried to play every peak and trough, you definitely lost money. I was looking for what happened in the last 10 minutes all day long. Sometimes, patterns do not breakdown as quickly as anticipated. We are currently at support levels, and bounces should be expected...