Monday, September 13, 2010

Morning Update...

Sorry about the early post. My computer caught some kind of virus and incapacitated my main browser (chrome) and IE. Fortunately I have firefox installed too, and that seems to be working, but it cost me my time trying to fix the others.

Here's what I have. We haven't had any solid bearish reversals that have amounted to anything. Volume continues to be light. The market broke out of the trendline channel formed with the previous high/lows last week. We have what could be an ending diagonal forming. We will have a gap up at the open. With that said, here are my scenarios:

1: ED. Price will reverse at the open (potentially a drop and a retest). Key indicators: the opening gap closes and we close below 1105. We should see significant follow through to the downside the rest of the week.

2: 5th wave extention. Price will likely try and close the opening gap but will fail. We should close above 1128 today or tomorrow.
blog comments powered by Disqus