Intraday Commentary 5/25/10
Time posted: 9:04am UTC
We hit the o1040 target and retraced a bit. Triggers are now pointing to further downside with the 1028 area as the target.
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Chopping about a bit. Waiting for a trigger to coincide with a break below 1039 for shorts or above 1052 for longs
Be careful!!!! some systems are sure to be triggering long but we have not cleared the top of the resistance band so you could get your head chopped off. We need to see not only a close of my shorter time frames above 1052 but a bit more of a correction first…for me to trade counter-longer-term-trend longs in this market
Expect a retracement to 1052-1055 as targets were reached. We could see a push up to the 1067- 1068 area prior but… A break of the 1069 point would indicate a push north to at least 1075-1078
Don’t get too excited about this up move. Until we break at least the 1079 mark and even then, we would only be beginning to look for confirmations of a true longer term reversal. For shorter term scalp trend traders, be careful also as I’m seeing a strong sign of a reversal and this generally indicates “stop picking time” for early short traders. I don’t have a signal yet so we may very well see more upside but please, be careful.