Wednesday, September 15, 2010
And the fractal contiues to hold, by a string....
The price continues to put pressure on the count, just what you would expect if there is going to be big money to be made. I have locked in very nice gains on PAL and SWC and am prepared to switch to the short side if this fractal holds. If it doesn't I will look for a 3 wave correction in the futures market to enter and continue to ride the two stocks to where ever they want to go. Either way, there should be plenty of profit to go around. It's been interesting to say the least. If this thing breaks up I wouldn't mind seeing a bullish count one day. I wouldn't attemp to try it myself. The bashers have started to come out which usually signals a top, so let's see what happens.
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What do you think of PA action today? I think it has completed 5 waves down in the first subdivide and now on it's way to do 3 up. 556 would be good point to short 50% retracement and backtest of the uptrend line.
About to post another chart. Getting back to basics, I would like to see the base channel the market is respecting penetrated, and maybe take out one more swing low. The fractal held so far which is a good sign for the bears. PL is forming a very nice ED and since these two metals seem to trade in tandom, a good sign as well.
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