Friday, December 10, 2010

Morning update...


Sorry for no post last night...busy times...

There are 3 wave 5 targets. The first one is obtainable without a 5th wave subdivision. The others are not. Due to the gap up this morning, the RSI resistance line will likely be broken unless we get another sell off at the opening bell. So where do I start on a subdivision? The hourly 8 SMA. A full bar under that, means we've reached the end of a wave structure. Any short can use the high of that structure as a stop. I would not short except on a pullback once prices move that far.
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