Wednesday, December 27, 2006

Leg 2 of Back Door Bull Break in Progress

Review of last night's trades. Sorry for getting this out so late...had quite a bit of connectivity problems the whole day. Not sure if the Taiwan earthquake had anything to do with it.
The bottom was in, based on last night's PRIME confirmation. We are now heading back up to complete Leg 2 of the Back-Door Bull Break. Key level to look out for would be last PRIME Resistance at 1440.50. In order for this Leg 2 to "succeed", this up move must not Breach this Resistance. Remember, PRICE will continue in its direction until it fails. HOWEVER, a cautionary note here: We are already in PRIME, on the TREND Chart. So, will have to be careful when taking LONGS tonight.

10:50pm 2X Divergent Top.
11:36pm SHORTs possible here, with a Minor PPF, following the TREND Chart turning down...
11:49pm Consolidation.
12:12am I am still very much in holiday "mode", and with the disruptive nature of the internet connection caused by Taiwan's quake, I will merely "watch" the market, with some running commentary. May very much retire early too...or catch some telly with the wife.
12:14am A possible Resistance Top here, given the PRIME PPF of Resistance, and the TREND Chart still pointing down.

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