Im seeing that VZ just bounced a 2+ yr trendline and also looked to retrace that move (10/05-10/07) to the 61 fib (though it did overshoot a bit, it seemed to snap back pretty fast, so it seems like it was a level...am i mistaken here???)....also, on a shorter term, it seems like it has past the 23.6 retracement of the big down move, and came back a bit to settle exactly on it as of tonite...this level (price = 36.13) is also the 50% retrace of the big up move
even more interesting is that if you go back even further...which i didnt post a pic of...the $36 level is also the 38% retrace of the up move started in 6/02 through to 9/07..maybe im just seeing things, but seems like this is an important price point and it could be going up to 41 from here (which happens to be simulataneously teh 61% retrace for the 99-02 down move, teh 23% retrace of the 10/05-10/07 up move, and the 61% retrace of the recent down move) ....only concern i have is its in a downward channel over teh last 60 days taht hasnt been broken...
any comments or thoughts on how to play this woudl be appreciated. also please feel free to criticize any assumptions i have made with my retracements, trendlines, etc...as that would be a great learnign experience!
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Im seeing that VZ just bounced a 2+ yr trendline and also looked to retrace that move (10/05-10/07) to the 61 fib (though it did overshoot a bit, it seemed to snap back pretty fast, so it seems like it was a level...am i mistaken here???)....also, on a shorter term, it seems like it has past the 23.6 retracement of the big down move, and came back a bit to settle exactly on it as of tonite...this level (price = 36.13) is also the 50% retrace of the big up move
even more interesting is that if you go back even further...which i didnt post a pic of...the $36 level is also the 38% retrace of the up move started in 6/02 through to 9/07..maybe im just seeing things, but seems like this is an important price point and it could be going up to 41 from here (which happens to be simulataneously teh 61% retrace for the 99-02 down move, teh 23% retrace of the 10/05-10/07 up move, and the 61% retrace of the recent down move) ....only concern i have is its in a downward channel over teh last 60 days taht hasnt been broken...
any comments or thoughts on how to play this woudl be appreciated. also please feel free to criticize any assumptions i have made with my retracements, trendlines, etc...as that would be a great learnign experience!
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