Friday, January 21, 2011

A little higher

The resistance zone is slowly breaking up and doing so in a corrective wave. While it is possible that price reverses right now and the daily candle doesn't close above resistance, i believe there's a little more left in this rally. After this wave A of Y finishes, look for a small wave B supported by the former resistance turned into support zone. The uptrend has a high probability of being over ( or paused ) when the black trendline breaks.

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