Wednesday, May 27, 2009

Looks like scenario 3 (BEARISH)

Price looked like it might consolidate under the zone for awhile, but upon the 3rd attempt (once in the overnight session and twice in today's session), the bears smacked the price down hard. The move looks very impulsive and went through the previous resistance with hardly a pause. I do expect some bounce/consolidation somewhere between today's low and the 875-880 zone before that area is breached, but you never know what the market is thinking. I will use any decent pullback to add to my short position.


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