Tuesday, September 7, 2010

Descending triangle

Vix is turning up, Ad line is rolling over. A 3 rb close over 64.75 will negate the descending triangle, and point to a test of the right shoulder at 70.25. Day's low test should be coming, need a 3 RB close below 56.5 to get things cooking.... I'm thinking it will break, drop 5 points to 51 ish  and bounce back to the triangle bottom around 56 where it *should* get sold., to a move to 44/37.
48.25 is an 80% trade if we stay under the VWAP

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