Tuesday, June 15, 2010

BULLS ON PARADE

Updated chart today...the bearish tilt previously posted is gone gone gone gone....
I went short at the apex of a now-defunct triangle @ around 1092-ish.  Little pain here, some there... ouch.  Now waiting for the remainder of the pattern to play out, and maintain my short position until it completes.  Then..going long with a bit of my cash...which would have been the trade today (congrats Al if you read this ;)).

Here's the updated "look".  Basically, I think this breakout will re-test the downward trendline in the area labelled as "B".  It may not reach  there, or stop there, but if it does turn higher from that point then C is a likely target.  "C" is 1.618x higher than the peak of "A"  On to the chart:


Oh, and I really like silver right now:


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