Sunday, March 28, 2010

Thoughts about monday, 29th

I'm still in a full short position based on the daily, 60 and 30 minute charts. I am in high risk and know it from the 1-15 minute charts. 1161 was showing bullish divergence and now we have a completed 3 waves down. From a 1-15 minute stand-point I would exit the trade at the 1161 mark when the trend broke showing bullish divergence. Look at my prievious post for details. Nonetheless, I expect now a try to the fib lines from the 1180 top to the 1161 low. The real question for me is that if we opend down we will break the support channel on the 3 month (60-minute chart). I believe that it will hold and were get a correction up here over the next day or 2 until the the battle at the Fib's is decided. I will not sell my short postion until the bearish divergence is broken on the 60 minute chart.

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