Tuesday, November 23, 2010

Not a good opening for the bulls...

It appears the wave 4 I've been charting is still on schedule. However, the triangle/flat I was looking for doesn't look like it will come. In addition, a zigzag here is dangerous for the bulls because (a) we weren't expecting one (b) we will be close to an overlap on wave 1 and (c) it could easily morph into an impulsive pattern if it extends below 1150.

I'd be surprised if the bulls didn't make some attempt to close the opening gap. This is the chance to exit longs and get short.
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