- Gaining confidence on negative view here after poor price action of past few days.
- On the daily chart : SHS NL at around 1397 (lowest candle body). Top at 1467 (highest candle body). = Measured objective at around 1327.
- Last night's close at 1389 confirms the NL break.
- Initial short made at 1421. Original stop at 1436 now lowered.
- Awaiting 2nd consecutive close (ie tonight) below NL to consider adding. Shorting equities has not been an easy trade so want to be careful here.
- [If above works, then on the weekly chart, we would have broken the uptrend line which stands at around 1385 this week].
08 November 2012
S&P500 : Daily SHS Top
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2 comments:
Have you considered that there is a strong support at 1385, which is also close to the measured move target of the triple top on the daily (the complex head of the H&S is a triple top). Selling straight into support? You may want to wait and see how the price behaves at the support.
Pandu
Yes. Definitely. As I subsequently tagged on to the initial post, 1385 is where the weekly uptrend line support is. Hence not going to rush into this. See how it behaves when tested first.
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