Wednesday, September 15, 2010

Triangle bottom has been violated since I started writing; and although their has been a serious breach of etiquette recently around leaving gaps unfilled to the downside, there should be an attempt to fill this one. A 3 range bar close over 18.75 will point to a run for yesterday's close at 23.5, which also coincides roughly with the downtrendline. YesterCenter and The Pivot are in the way at 23, so should this occur, I will be looking to short near the projected high of the 3 range bar that comes within range of 23-24. If a bottom test of the triangle is the best they can do, same gig on the range bar topping around 18.75. Depends on momo/price action.
We are opening below Yestercenter and VWAP, so the general inclination is to test Yesterlow at 1909.75. 1903 is the 127 fib beyond that. Watch your box levels. If there is koo-koo buying, and we bust thru the triangle downtrend line, look for 28.75....and the ensuing box levels to the upside.

No comments:

Post a Comment