3.22.2012

The weakly rebound invalidated my call for "1422.40 short term target met without testing 1397.68 low".


The rebound yesterday was weak because it was unable to make a higher high than the previous day. We see two consecutive red days, that invalidated my call for "1422.40 short term target met without testing 1397.68 low".
[1386.00 - 1396.60] zone - the Fib23.6/38.2 of the rally from 3/6/12 to 3/19/12 and the confluence of the 3 rising-trend lines, I expect it as a hard support.

1 comment:

Btran874 said...

Hi,

SPX disguised itself so well. After checking NDX and DOW, those 2 indices have put in the 5th wave nicely. I'm going heavy short tomorrow and will be trading SQQQ as my vehicle.

I hope all is well and looking forward to see your next move.

Cheers