Friday, 24 May 2013

11am update - dragged out bear flag

Well, the bears look tired and unable to break a new low. It now looks like we will see a dragged out bear flag stretching into the Friday close. If correct, a C wave rally to sp'1660/62 is the new target. Subsequent downside remains unchanged at 1630/25.



Baring a break <1635 in the next hour, it looks like we'll instead battle upward into the close.

Well, its always good to keep an open mind, and it looks like those suggesting a dragged out bear flag were right (I shall dare cite Daneric as one of them).

It remains annoying how the market down cycles are so brief, and yet the up cycles last 2-3 times as long.

*I was stopped out of an IWM short at sp'1639

So..whats the plan?

I will consider a re-short into the close...IF sp'1660s. Normally, I would not take a new position across such a long weekend, but the 1660s would certainly make for a great re-short for Tuesday - which has no sig' QE.

Downside target still looks to be sp'1630/25