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Wednesday, August 14, 2013 8:45:25 AM
UJ Hourly Chart
Several factors gave me the clue to short this puppy here. First, I have a full 5 wave Elliott count to the topside with negative divergence on the TDI.
Second, the TDI broke down and came back to test the junction where 2 trendlines meet as it made the final high.
Third, the price action pattern is forming a bearish head and shoulders with 97.85 forming the overall neckline, having tested it twice already.
Put it all together and you get a near term sell off to test the neckline again.
My TP target also lines up nicely with potential support at the SMA240 which I watch like a hawk. Counter trend trade but a profitable one. Play em coming and going...LOL!
Several factors gave me the clue to short this puppy here. First, I have a full 5 wave Elliott count to the topside with negative divergence on the TDI.
Second, the TDI broke down and came back to test the junction where 2 trendlines meet as it made the final high.
Third, the price action pattern is forming a bearish head and shoulders with 97.85 forming the overall neckline, having tested it twice already.
Put it all together and you get a near term sell off to test the neckline again.
My TP target also lines up nicely with potential support at the SMA240 which I watch like a hawk. Counter trend trade but a profitable one. Play em coming and going...LOL!
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