XEL daily 10/06/13
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There's no real sign of direction yet here but given the form of the previous move down from 127p it looks to me like this is forming a bear flag indicating further downside.
The recent rally halted at the 61.8% Fib of the last drop and the downtrend from the 250p high has not been broken despite the recent bullishness. I can see this moving sideways within the bear flag until it hits the downtrend resistance. We'll then see which direction the SP will likely move in.
The recent rally halted at the 61.8% Fib of the last drop and the downtrend from the 250p high has not been broken despite the recent bullishness. I can see this moving sideways within the bear flag until it hits the downtrend resistance. We'll then see which direction the SP will likely move in.
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