Friday, May 11, 2007
Leg 1 of Bull Break....Again
Last night we saw the creation of Leg 1 of Bull Break...again. Going into the close of the session, PRICE is still trying to establish Support. No signs of the downmove ending (failing) as yet. We made Lower PRIME Lows & Lower PRIME Highs, on the Trading Chart. TREND Chart shows a 2 x Divergent Bottom whilst on the SWING Chart, PRICE is now in PRIME Support. As I am more of a Intraday trader, the plan is to continue to look for SHORTs tonight (with some caution), until PRICE starts to show that it is failing to go down anymore. Failure here means a Minor or a PRIME PPF of Support, coupled with the TREND Chart pointing up. A PRIME PPF would be a better confirmation of a bottom.