Well, once the U.S. session opened, we spent the entire session in about a 12 point range. I can't say that happens very often. I guess this is why I think it is highly likely that we put in a minor wave 'a' with today's bottom as there just wasn't any follow through on the selling. We are at a key support line, so bouncing here but staying in the channel would not be a surprise. I went flat at the close (outside of some put positions) and am looking to re-short near the top of the channel. Of course, if we break today's lows in the overnight session, then we likely sell off hard tomorrow, and I will have missed some move, but I don't mind. When price isn't acting the way you think it should, I find it safer to step aside and take a break.
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What do see as top of the channel, 827?
ReplyDeleteOf course it depends on where it hits, but I would guess that anywhere between 826-831 should be a good stopping point.
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