Friday, August 13, 2010
For all my jaw boning about a 2 wave retrace, I'm starting to reconsider the notion. If you look at the charts from 4/26 you see a few places where we had 2 day churn in a downtrend. After these churns wore off oversold conditions, they sold off. If the pattern repeats, then your stop could be the high of the churn, or recommended approach would be to form a channel from the highs and use the channel line as a guideline for covering shorts.
Posted by Durango K West at 3:32 PM