audio....the 50% still hasn't been reached (8 to 131, 50%=$69.50) even at 50% retrace I believe it won't give much bounce here's why:
need to keep in mind what happened at the 8 month uptrend line last week. Drop to uptrend happened quickly , there was a quick reaction bounce off the uptrend but it came right back to the trend line. Stayed above trend only 2 more days before failing it. That is a big red flag that the trend failed so easily and so quickly!
the technical damage of the high volume top will take many months of purging out and the momentum is down now based on trend line break, can suggest a good book that will outline everything you're seeing right now if you like
Tower - I'd be interested in your book tips. I am just completing a classic (Livermore) and got started in learning some TA, but found some of the books confusing / controversal or hard to read. What would be you recommendations?
your statements are premature and wishful thinking so far. ta does not support your comments currently. your comments are projecting and are sort of doing what some say when they put down ta. we sometimes see critical post saying that nothing happens because of ta. those post are correct. but, as we learn ta we become comfortable with that obvious fact. don't read ahead, just read what is in front of you. nasdaq has still not reversed its recent down trend. after the close friday nov 23 we still need the nasdaq to close above 2650 in a convincing fashion and drys to have a convincing up day. only then should we think that the market in general and the market for drys stock has reversed and is moving upward. then shorting, profitably, is done.
i made good money on drys and am hopeful for that to continue. i'm just watching and following closely. as they say, "the stock is broken" i don't think it is ready for a comeback just yet. macd would be a good sign, but the retracements, etc. don't say a thing about what's coming next.