Wednesday, 30 November 2011

FREE stock quote

Today you get 2 charts. I should start by saying that no model is 100%, anyone who says otherwise is a damn lire. Rule #1 don't trade against the direction of the larger trend, I know I did that last month, made some money, however if I would have been watching the tape since mid november instead of being somewhere else I would have made big money, I woulda coulda, shoulda that's life. The direction of the larger trend is down and it will be down for a while yet (years) based on cycles, Elliot Wave analysis, Fibonacci, Gann... all you have to do is count the waves. On the hourly, you can see resistance on the moving averages. Hard to say how this move is going to play out over the next month looks like it will be sideways. The low I slated for today/tomorrow is either a high now or a breakout. If we do go above the short term channels there is high probability we don't go beyond the summer highs of 2011. Since Monday we have seen a sharp rally with some nice engulfing candles on the daily, but we should expect that in this kind of environment. the volatility is only going to get worse as time moves on. On the hourly chart you can see an abc move yesterday, corrective action going against the direction of the larger trend, down. Right now I am just enjoying the moment...

Happy Trading,
The Wizard,

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