Wednesday, December 21, 2016

December 21/28, 2016

I wasn't going to do a new post but since I had put up the new chart I thought I would share a little more with a brief update.
Last year at this time I was full blown bearish. As of now I am not although all my positions indicate otherwise. As I look at the price I really want to be but it seems just a tad early yet. We still have to break down and retest without making a higher high first. At the moment it may appear we did but it hasn't gone deep enough in my view for that insurance.
Price got beyond a couple of my targets by a bit but it isn't a deterrent because I always thought the market had to set a future move. As I look back to the February low I had never thought it went low enough so I went back and saw I was looking from 1750-1790 somewhere back then. If it had tagged 1788 based on the weekly line I had then this 2277.53 is a very nice fit. No matter what happens here we have to expect a bounce. How long and how much momentum that has will provide the best trade in my opinion. The last 3 February's have provided lows to trade, will we make it a 4th?

Gotta take out the green dashed next

No comments:

Post a Comment