- As per Copper - still a sell. Re-established short today at 1098.5, in smaller size.
- Current rally is necessary to create series of lower highs and lower lows = downtrend.
- Weekly chart = bear flag.
- Unlike previous Jun/Jul09 and Nov09 sell-offs where we went on to make new highs, this time it looks different. [monthly big reversal, weekly 5 wave complete].
5 comments:
love your charts. just wondering, for copper the weekly chart looks like a perfect rejection of the trendline at 327, but there are only 2 points touching that make up the trendline. on the other hand the daily chart has 4 points to create a trendline and it shows there is still room to about 342 before getting to the trendline. do you place more emphasis on the weekly chart and would you stop out back thru 327, or would you stick to it till it goes back through the daily at 340?
I trade mostly off the weekly charts and monthly.
I place the least attention to the daily charts, unless I am worried that market has gone too much in 1 direction (eg EUR/USD recently) and poised to pull back sharply. And then I look for daily reversals to get out.
On Copper, I will get out of new shorts if we close the week above the TL.
thanks, appreciate your reply.
For your S & P 500 short at 1098.50, where would u put your physical stop?
For now, small position, no stop. Wait for further chart development then decide.
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