I am sorry for my absence here and lack of regular posting. I am working and posting intraday and ST at www.tradeforthegoal.com as I commented earlier. Anyway, I wanted to share some thoughts with you before posting elsewhere:
Obviously my last support area didn't hold, bears were not done yet but I still see this is a correction (long awaited) prior to an upthrust which may be already underway. I am aware that some well reputed traders are seeing this leg down is just starting and that it will be all the way down.
My plan is based, among other factors on:
- the relative behavior of Nasdaq and other indices when retesting Feb lows
- support levels ( see 1)
- weekly price structures ( see 2).
- Contrarian sentiment indicator (see3 ) :)
They may broke it all down early next week if they take out Feb lows with volume, else, I am sticking to this plan:
1.
As usual, thanks to Ui and MFC for the inspiration :)
3. Perfect contrarian indicator. Please review this post to learn more
