Tuesday, 8 May 2012

2pm update - Permabear...long

As I was writing the title for the last post, the thought occurred to me '..just why are you not going long?' Yes, the daily/weekly cycles do suggest against a trade, but for a 1-3 day trade..it should be okay. Despite my somewhat sickening feeling (the Permabear that I am), I did hit the button, and I am long from the equivalent sp'1351. Looking for at least 1375/80...preferably 1385/95..no later than next Tuesday morning.


First target for the bulls will be a break - and a close over the 10MA - currently still a fair bit higher at 1361

Right now, Bulls won't know conclusively if we are seeing the minor wave'2 (pink count)..probably until late Wednesday.

Time to cook..more later.