- Trading at 73.81 now, below important previous support (2009 bottom) of 74.17.
- Very long term chart attached - quarterly going back to 1982. Price action of past 2-3 years in the form of a triangle which has broken down. Triangle objective is at 57.00 which is too difficult to envisage at this moment in time. (But not impossible given bad US policies eg deficits, unchanged TBTF, Fed taking risks with inflation, etc. Markets punish other countries for poor governance, why not the US? [eg GDP 3%, CPI 2.7% and FF at 0%? WTF?].
- For now, look for Mar08 low of 70.70 to be tested. Before that, on the monthly chart, there is previous congestion between 72-73 so this might hold for a bit. Will not be a 1-way street down. But down it is.
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