Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Q's Ripe for Potent Recovery Rally
By Mike Paulenoff, www.MPTrader.com
The Q's made yet another new reaction low this morning at 49.60, prior to reversing for a rally above 50.00. The new corrective low pierced but did not sustain below key 50% Fibonacci support at 49.80, which is a constructive sign that perhaps the vicious decline has seen its worst for now. My near-term work has turned up in a strong way, suggesting too that the Q's are ripe for a potent recovery rally period that should propel prices into the 51.50-52.00 target zone.