Tiffany technical outlook – breakfast should get cheaper

Tiffany is on it’s way down to 20. So far, wave 3 down has been of a bit bigger magnitude than wave 1. There is no given relation other than wave 3 tends to be the steep one and so far we have 24 vs 28 and 1.38 is a factor which should be reached. Therefore, a target of 17 needs to be reached. But in any case, a test of the strong 20 support is due – that is also derived by different price patterns.

Markets are rising without any support from volume today, which is not a good message for the bull camp. Two dominant sectors shine today, Biotech and Oil and some of the usual suspects – the best of their breed are stocks like MRK and GS and the VIX has been sold off sharply. I think some people take comfort from the fact that the 3 month Libor came down quite a bit.

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~ by behindthematrix on October 20, 2008.

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