Thursday, January 15, 2009

Update – Potential Ending Diagonal…

Below is a 5 day, 5 minute chart. The red lines are showing what looks like a classic ending diagonal. We could still reach the 800 area, but a break above the upper line and I’ll exit my short positions.



I expect that although my math says 800, that it can likely turn a little before then, so I’m wary here and will exit in the 805 to 807 range if we make it there, OR will exit shorts on a break above that red trendline. I may try a short term long play for tomorrow, then nothing but time over the long holiday weekend.

Nate

Rolling Stones - Time Is On My Side (1964):