Simple's Green Room

[pennies2007]

Look at that 4 hour tdi closely though. This is the first move up to the opposing volatility band since the last sell off. First tests of the blue volatility band on the opposite side after a strong trend usually result in a resumption of the larger trend. In this case, NJ actually stands a good chance of making a lower low on the daily chart. I won't be in that long though.

The overall move up off of the lows just looks like a standard 3-wave ABC counter trend move against the larger 5 wave move down. I won't be buying it long anytime soon regardless.