A marginal new low this morning keeps my pattern in play from last night. I was looking for a break higher to short again, assuming that the move back up is part of a 'b' wave, so tracking this spike to see if it will keep pushing or will fall again. For now, MyWave is clearly in a bearish formation, albeit into a bullish hourly. Recall, I am looking for price to push down towards the 'blue' MA at the bottom of the regression channel (right chart); that is towards, not necessarily meet it.
As a backdrop however, the daily chart from yesterday is bearish for me with those stochs pushing into a clearly downward facing MyWave. That is not to say, price won't continue to push up but I'd prefer to see those stochs soften somewhat from here and until they do, I am looking for strength to sell.
No comments:
Post a Comment