Qs Confined! - Market Analysis for Jan 26th, 2006
The BIG picture of the Q's shows that all this week
the price structure has remained confined within a
range between 41.70 and 41.00. Looked at from within
a larger context, the sideways 4 day range can be
viewed as a consolidation near the bottom of the
down-leg from the 1/11 high at 43.31. If it does
not represent a "bottom," then it is a "middle,"
with another downleg to follow. We shall find
out soon... A rally that hurdles and sustains
above 41.70/75 will trigger the "bottom"
scenario, while a decline that breaks
41.00 will trigger the "downleg" scenario.
MJP 01/26/06 2:55 PM ET (41.51)
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