Thursday, April 8, 2010
Chart of the day
From the 3 charts that i'm trading. (daily, 30/60 minutes) Here is a look at the 30 minute chart and the key level to get this trend change going is the 1175 trend channel break. It took a hard stab at that today giving the bulls a little scare, but was fought off. From the 30 minute chart you can see oversold conditions which the 60 minute and daily are not. My trade is now in the hands of forcing whipsaws on the 30 minute chart so that the 60 minute and daily can become eith neutral or oversold as well to leave the position. We have a solid 5 wave count down from the high so I expect the 30 minute chart to get either neutral to overbought but they key to makeing this trade work is that the the current oversold condition is greater than the next advance up keeping the bearish view still in play.