Monday, August 23, 2010

Bears push Bulls toward the edge...

Price action was consistent with a wave 2 flat, so that is how I'm labeling it. Based on my primary count, I would really like to see an acceleration gap down tomorrow at or below Friday's low (1063) to get the ball rolling. For the bulls, they need to get price above the hourly 34 SMA (currently 1080). If you went short on a 5 min reversal, then you got short near the high of the day ;-).

Best of luck!
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