actio-et-reactio
Balance is but a brief transition between extremes.
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Monday, January 12, 2004
Monday, building a correction scenario
Friday sets up a potential RSI Reversal, but only after a trip to 1112-1117, where price would have to rebound, ie, my favored scenario, but with a break of the 34ma factored in. Part 2 of that scenario is a double top set up with a Negative Divergence on that rebound. This creates a good setup for a tradeable *correction*, ie, something greater than the 1-2% pullbacks of late. This would allow the market to regain strength for another run at more highs, or at worst, further consolidation at relative highs, both of which are constructive in the longer run.
Labels: chart-analysis
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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