Friday, November 11, 2011
Where I will be wrong
In my videos last night, I said that I thought we would complete the ABC down to the level of the 50 day moving average.
Despite today's rip to the upside, I still hold out that the ABC is a possibility to be completed, but only if we hold below the 78.6% retracement shown above on a CLOSING basis.
If we close above that level, then I flip back to the next level to watch being the 78.6% of the years range, up a little bit past the last swing highs.
If NOT, then I'll still keep that ABC target as a possibility.
I've gotten and stayed Bullish since the Follow Through Day, but that doesn't mean we can't ebb and flow here as we make up our minds on the short term.
This has been the market of broken necks, as the whipsaws make it very hard to swing trade despite what the super gurus claim.