Saturday, December 15, 2012

Keeping it simple on the 15 min.

Any trader can throw a bunch of lines on a chart or draw projected patterns and try to call the next move.  Every trader has an opinion.  That is what makes a market.  Instead of putting tons of support / resistance levels on this short term chart i thought it to be more simple to outline some areas i believe to be in play at the moment.  The first level is the one i was expecting to hold for the market to remain in a strong immediate uptrend.  Underneath the 142 area i will be looking for a short term downtrend; possibly getting support at the 141 area as a best scenario.
Like to see a pull back up above 142 range in short order.  If not then the price action to the downside will give clues as we go forward.  We could spend the week forming a falling wedge on the way down, or simply blow right through the levels shown down to a more solid level of buyers.
Look forward to seeing how things go this week.

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