14588 on October 10, 2013. 16540 all time high 12/31/13. Again we challenged at 16489 on 1/21– just 9 days ago….
That was a 1,952 point rally.
Yesterday’s low 15,643
That is a 897 point sell off over 7 trading days.
This is a 4.5% correction which I rounded up to 5% for arguments sake.
The December low was 15,608. I had resting orders do buy it down there that obviously didn’t get filled because we never traded there.
At this point, I’d be looking to buy dips, anticipating a pop back up to 15794 or 15987 or 16092. Those upside targets represent 25, 38 and 50% retracements.
Those are pure technical levels i’ll be looking to sell.
CER
