Tuesday, November 16, 2010

We're in the critical zone

Sorry for the lack of postings. Work and kids' sports are keeping me very booked (my son just made the freshman BB team, yeah!). But here is a quick update.

Prices tried to rally yesterday, but the market was unable to get a full test of the 34 SMA. As a result, the market gapped down below a key area (previous breakout pivot high) this morning and kept on going. The market has yet to have a finished impulsive wave, so either this isn't done yet or we're in the finishing touches of a corrective wave (wave 4).

I'm looking to cover my short positions on any of the following events:
- a test of the 34 SMA, then I'll get out on the next test of the previous low pivot
- significance divergence showing up on the hourly chart
- hitting my 1150 target

Go Bears!
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