Tuesday, March 17, 2009
Where are we now REDUX!
I mislabeled the B in the 30m chart and forgot to thank Kenny for the RSI trick on the weekly.
I'm sufficiently pissed off. I'm finding it increasingly more difficult not to be in the P2 camp, but still in P1. Got to get thru earnings next month. One thing for sure is that we're now appropriately set for some negative divergences to show up on the indicators possibly tomorrow.
The bull cross of the 50 over the 100ma caused the reversal today (first chart in stockcharts). Still overbought. Double topping at the 780 level. Those two ma's now add an extra layer of support to get thru on the downside. I'll add one more thing - the RSI cross of 50 on 3/10 might have been the trend change for P2, but that is yet to be determined. 5-3-5 to 804 is what it is looking like more and more (to me - Kenny has a quintupple zig-zag with a twist and three flips). Remember I am not the best or even a good counter - I am a pattern seeker using indicators learning to count the tough ones.
The weekly chart above gives some options to add to your confusion, but it is a good road map with lots of scenarios. The 30m chart shows the NEW rising wedge. The last one was perfect with overbought conditions that kicked may ass. Will this one betray me (us) as well? Is this one over already?
Still short. May add longs to hedge. Will add more shorts at top if it ever happens.
Happy St. Patty's Day.