Long term looks like 1st correction of a down trend. On daily, last down leg started in Aug 2011, then big sideways congestion followed by contraction i.e., smaller sideways congestion. Two potential short zones. One zone is higher risk then other. Probably it will be more clear after seeing the chart. Regarding targets probably I would keep some position beyond target 2 as it is a first leg.
Note:
I generally prefer entering in low risk zones. A zone is low risk for me when it has two attributes - small stop AND an entry point that allows position to break even very quickly with low chance of getting stopped out after that. The later is a stringent filter and would miss often good moves. But there is always another train coming. I am curious to see how other readers would analyze this chart. Feel free to let me know.
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