Monday, February 8, 2010

ABC correction under way

ABC correction underway. I am looking for a top near the early Feb highs. It works out to a 1.62 expansion of A.
VIX did not confirm the bearish candle set up from yesterday. Still a move to the 20MA is expected rather than another trip to the top BB.

BPSPX:CPC went down today even though the market went up. It has confirmed and I will be taking a larger short position on the retrace up.
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