Thursday, April 8, 2010

The bulls look like they still have it...

Well, after what looked like a ripe moment for a daily reversal this morning stalled for the bears and eventually was fully taken back by the bulls, this move off the highs isn't looking too good for a bearish pattern. If anything, the pattern would have to be a leading diagonal, but right now the move up has tested the 786 retracement, and so far, is looking quite impulsive. So unless price collapses tomorrow, it appears that the bulls will have the court for quite some time.

Until the bears can muster a daily reversal, it will be onwards and upwards without regards to the divergences, extreme readings, etc.

On a personal note, I just picked up a nice consulting project, so my trading is now going to be limited to about 1-1.5 hrs in the morning and my nightly commentaries will definitely be in the night ;-).
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