Wednesday, April 7, 2010

Corrective or impulsive?

This is really quite simple. Either we blow out the lows tomorrow in a 3rd of 3rd or we test the rally highs. The reason I went short was due to the market spending 60 min below a key level (the weekly low). Should we gap down tomorrow, look for the market to hold first at 1173, and if not then 1165. If 1165 doesn't hold tomorrow, then look for the wheels to really come off the bus next week (although even then 1154 should hold for this week's low). If I'm wrong, then my stop will be taken out tomorrow, and we move on once again.
blog comments powered by Disqus