if the blue measured moves tell us anything … corrections usually occur at their completion. right now, we are at that extreme and we are banging up against a 1.27 extension. would use that level ( or a little higher) for stop out point and would look to sell on a close below 44.50.
night night red hot real estate? nah, never …
Bart
Care to elaborate sir? Sell to under 44.5? Thank you any help is greatly appreciated
Chris, thanks for reading the blog and great question … we have a target a little higher at the 1.27 extension of the last high and some measured moves that give us an idea that we “should” expect resistance or even a top in play. that being said, it’s only probability, so the more conservative and careful play is to WAIT for that little support area around 44 to give away to the downside on a daily close (or weekly if more conservative) and then short once that happens … expect a BIG bounce around 42 so I’m just waiting and watching .. if we lose 44 and 42 then this thing could breathe nicely lower .. if not, then no entry and the band plays on . does that help? Bart