The 60 minute chart looks like it is in the early stages of forming a Bear Flag. We need 4-5 more bars (each bar is 60 minutes on the chart) before the pattern would play out. If we continue to trade sideways for 4-5 hours, then a sell off into the close is likely.
If it doesn't happen into the close, then Tuesday morning could be a “Gap Down” day? The pattern must form first, but a continued move sideways from here would form that pattern. I'll definitely be waiting until the close today, to see what happens.
for those wandering why the market won't die, this chart is a daily chart showing you the controlling trendline of the market
http://www.flickr.com/photos/47091634@N04/43517…
yes it was still a bit neg. I think he ment the zero “area”
such a big gap down must tell you something. Normally I would think that would break the down trend retest.
Economic figure today are better than expected which support your retest. market is now recovering some…..
He sure did!
Monica, Still holding all my puts and position in TZa. Dreadwin nailed that 10.77 this morning.
Gracias.
Update… I'm still short.
The 60 minute chart looks like it is in the early stages of forming a Bear Flag. We need 4-5 more bars (each bar is 60 minutes on the chart) before the pattern would play out. If we continue to trade sideways for 4-5 hours, then a sell off into the close is likely.
If it doesn't happen into the close, then Tuesday morning could be a “Gap Down” day? The pattern must form first, but a continued move sideways from here would form that pattern. I'll definitely be waiting until the close today, to see what happens.
And you?
Hi gocks. Just came home. My option is still heavily underwater. Trying to decide whether to sell some of it.
Monica, How are you today.