Wednesday, July 15, 2009

Still more upside possible...

I wrote yesterday that we might have a little more upside...Well, it still looks like we might have just a little bit more. The daily candle sticks formed a hanging man formation which isn't very reliable to call the turn. We have an ascending wedge on the 30m chart, but its steep and still has room left.
VIX:SPX is looking like it wants to revisit the low, which it can easily do in tomorrows session. But from there it should make another trip to the top of the BB. So tomorrow will more than likely be a very good day to short.


Anonymous said...

Retracement level will more likely be sqrt(0.5)=70.7% than the usual 61.8%.