Friday, February 21, 2014

Open Weekend Post 02/22-23/14

You know the drill, share the love and the knowledge.

So, the minis are at a point where I would like to add to my 1/15 short on "principle" reasons only. This double top (some say triple which is fine) should be one of those technical points where the "end" could really happen if the 1850 level was really "it". The problem is that if I add here, then this would have to be it, THE top. Not sure I am ready to pull that trigger, and I was certainly not about to do that on a Friday. All that said, this situation leaves the door open for an "event" this weekend. One of those things that TA can eerily predict.

Minis Daily - Rising pink wedge of death? Double top, watch the 60m 200ma here with pink wedge support for a critical point. Sadly for the bears a massive (like massive) inverse HnS is potentially setting up. This would lead to the overthrow bull trap from hell if it were to happen. I don't like it, but with Team Manipulation's back against the wall they may make one last push for glory to suck in those last few idiots. I'm not calling that, just noting the potential. I don't like up here, but as usual will never leave the possibility out of the equation. What I'm kinda looking at as an alternative if the double top does not work is the pink wedge to the green wedge backtest. This kinda works with the IHnS above but the wedge/backtest intersection is all the way up near 1880 in early May. Just a technical road map that one must consider. What I don't like is this seems way too obvious, but it would make for one heck of a bull trap.

If you see if, post it. Sochi closing ceremonies Sunday could be an "event" worthy moment.

Have a good weekend.

GL and GB!

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