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Advanced Technical Analysis: Citigroup

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Note: the following analysis is formulated as an assimilation of Fibonacci, DeMark, Elliott Wave and other technical indicators. It is offered as education and not intended as advice in any way.

We are updating our February 1st note on Citigroup (C). At the time we said: "The pattern from May 04 to present is a large expanded flat correction that is approaching several very important Fibonacci resistance areas that could well turn C back down in a resumption of the bearish trend that started way back in April 2004. For now then, we think C appears headed for lower prices at one more new peak above the [then] $49.30 high."

Prices peaked at $49.99 on February 7th and have declined impulsively (in 5 waves) from that point, to yesterday's $47.62 low with the 5th wave sporting a nice hourly momentum divergence as well as an hourly Demark exhaustion indicator. At this point a counter-trend bounce can take place at anytime (not advice) that could take C prices back to important Fibonacci price and time resistances in the $48.50 to $49.10 area (with an outside shot at $49.50) over the next 9 to 14 days (Friday March 11th to Wednesday March 16th).

The analysis now suggests lower stops (to $49.60) with a lift to the above Fibonacci resistance area providing an attractive set up for more technical weakness (not advice). This remains a high confidence interpretation.


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No positions in stocks mentioned.

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