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off the lows of the price-wedge on Friday morning of last week (trade was
called live in our trade room) and now we find ourselves trading in the middle
of the price-wedge and we’ve drawn a new short term trend line as resistance at
the recent swing-high to create a more narrow price-wedge for which we are
dropping off the highs.
We can see price-action
is trading outside-day today above the PHOD and this means the bulls in the
market saw value at new higher prices. Now
we wait and see if the buyers will continue to make new higher-highs or if
these buyers will fail and if price comes back down to the PHOD.
rises higher this morning we are running right into resistance at the trend
line and the 1720.5 trigger-zone lows. As
price rises we are looking for the price-reversal at this overhead resistance.
falls we know we are falling from the highs of the short term bearish price-channel,
and the selling opportunities will be the high-percentage-trades with the
target at the PHOD and then if we can get below the PHOD we will sell short aggressively
down to the PLOD and the area around the price-wedge lows at 1757.0.