A drop and hold below the 50% level could send price down to the 25% channel level, or to the bottom of the channel. Upside targets include the upper 25% level and the top of the channel.
Friday, March 08, 2013
2013 Channels: YM, ES, NQ & TF
As I write this just after 1:00 pm EST on Friday, price on the YM, ES, NQ & TF is holding above the 50% level of their uptrending channels, as shown on the 4 Hour (Globex) charts below. They dropped sufficiently from their recent highs to work out short-term overbought RSI conditions.
