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  • chartists_view chartists_view Apr 6, 2011 12:48 PM Flag

    Chartists Warning..Please Read Part IV

    This is getting uglier by the minute.

    I am adding to my short position here agian.

    I will cover these last two additions to my short core position at 230-231 area. And then keep my core short position and re-assess. My ultimate target is 187-188 so I'll be trading in and out of positions but keeping my core holding the entire time.

    As always, best of luck to all.

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    • Chartist..,

      The 23x area I agree, hard to tell now if it gets to the 230-231 part. I don't think it get's that low now - I think it most likely holds the gap on 28 March at 233.57 open print.

      The safest short/put covering position is the 235.68 level from the opening high of 14 Feb. This is the safer area to cover a short/put position because this was the reversal point of the past peak.

      As for the core short position, if you've set a close in stop from where you shorted it - you will be covering by next week.

      I agree that short-term TA indicators are suggesting the pause/pullback scenario. Longer-term TA indicators are suggesting 52-week highs on a closing basis still dead-ahead. Note the volume today - it wasn't even suggestive of a blow-off variety - i use a 5 bar simple MA that it barely got across today.

      So be nimble, I'm worried about your financial health :^).

      To the other longs out there, prepare your buys on the target area's suggested - you'll be glad you did :^) There's a parabolic rise in your future!

    • BRING IT!

103.30+0.49(+0.48%)May 27 4:00 PMEDT