Wednesday, February 11, 2009

Something is coming...

We traded in a flat narrow range delimited by the blue lines. Towards the end of the day we formed an ascending triangle...ok not a really good one :-P We should get some direction tomorrow. The top line of the larger triangle can now be seen at the top, which means we are going to soon break one way or another out of this triangle.
If you look at the stochs on the 30 minute or hourly you will see that we did a nice job of shaking out the oversold conditions today.
My view is that we are in wave 2 of 3 of 5...which means we should see a HEAVY down day tomorrow.