Feb 26, 2013

Short term update

Another support level broken, another confirmation that the direction is down. Trading system - stop moved to break even. As I have said their will be a second chance for an entry - it was yesterday with the test of 1514 and EMA50 on the hourly chart.
McClellan Oscillator and VIX are outside their boillinger bands so expect something in the opposite direction, not a rally more like small green day or sideway action.
Speculation how the path for the pullback can look like. Main plan stays the same - pullback 1475-1470, retracement probably to 1515 and than move lower to ~1400.

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