Wednesday, January 6, 2010

Messy price action but where do we go from here?

Well, here are the realities. This is definitely looking like a C wave and we are looking close (if not already) to done. The hourly 34 SMA is rising and currently sitting at 1130. An hourly close below that should be our sell trigger although often the first wave will hit the SMA bounce in wave 2 and then drop through it for wave 3, so I wouldn't advise an immediate sell at that point, but maybe a trigger to start piling in some good Feb options.

This 5 min chart shows an ED that completed at today's high. But to be honest, the price action is all over the place that I place little confidence in this count, but should price drop tomorrow, then I'll keep it ;-).
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