Thursday, February 17, 2011

Rising Wedge nearly over

We reached 1340 after a few days of trying and so far we've had one rising wedge after another in low volume. And by looking at the chart, the one today should be over tomorrow. What I am watching out for is how this next correction will behave. I drew the uptrend channel which coincides with the trend average which is about 1330, so I expect the correction to test these levels tomorrow or Monday. If these support levels hold, we'll be on our way to 1350 and meet the target for February. I am holding shorts but ready to cover if support hold and continue to hold on to my longs.

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