November began on the up and up with a quick rally forming a higher low on the daily chart. However, the second half of the month has been nothing but chop. Looking at the monthly chart, we broke above the inverted hammer which was formed right at the 50% Fibonacci Retracement. The declining volume on the move up is not promising for the bulls. Over the long term we would be looking for some sort of sizeable pullback perhaps over the first quarter of 2010 before putting in a higher low on the monthly’s and moving higher.
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