7 replies to this topic

[selecto]

Just musing bearish here, don't start giving me a bunch of grief. Thank you.

[thespookyone]

We talked about this wedge before, I shot a couple bullets when the swans came back to Capistrano-you? Spooky

[selecto]

Spooky, for eod trading, I really don't like that wedge until we get past the previous reaction low, which is also in a huge support zone.

[thespookyone]

Makes perfect sense-I just still have too much gunslinger in me to honor the possibility that it will hold when it gets there. (I truly don't think it will). The other thing is-it should be very easy to see if I am wrong. Spooky

[rkd80]

By the reaction low you mean the low we had last Thursday? Typically those lows get tested when previous highs fail, however in our particular case - I am not sure where those highs are and the lower channel of the wedge seems like the perfect spot to bounce off of.

Makes perfect sense-I just still have too much gunslinger in me to honor the possibility that it will hold when it gets there. (I truly don't think it will). The other thing is-it should be very easy to see if I am wrong.

Spooky

[selecto]

45.97 is the "reaction low" close.

[selecto]

rkd, sorry, I messed up. The reaction low close was 46.16 on May 24, the print low that day was 45.97

Edited by selecto, 11 June 2007 - 06:23 PM.

[rkd80]

rkd, sorry, I messed up. The reaction low close was 46.16 on May 24, the print low that day was 45.97

Ahh thats better i did not want to sound stupid and question the first number, but we agree regarding the lows. I thought by EOD Friday that we would test this low this week, but um...i am skeptical now, Friday did not clean out enough bears. We will see by Wednesday i think