SI_F Approaching Triple Bullish PRZ

5-7-2013 SI MTS

The Day chart shows price is approaching triple bullish PRZ (Potential Reversal zone). This behaves like a magnet AND a very important support zone.

  • The initial test of the PRZ (21.812 to 20.654) could bounce into resistance
  • A shallow bounce implies an attempt to test all levels inside the zone
  • A shallow bounce on this daily timeframe can be days or even weeks to the upside on a smaller timeframe such as an hour or less
  • The ideal minimum retracement target of the largest pattern (Bullish Bat) is approximately a 100% retracement of the smallest pattern (Bullish Crab), around 35.620
  • If price does break down and hold below 20.654, there is a PRZ target 13.005 with a scaling point of 18.125
  • However, failure to find some buying strength for a respectable retracement from a triple bullish pattern makes a huge statement for the bears