- Sharp drop in this last week. Weekly SHS has taken out neckline at 99.295. Bearish.
- Monthly made new high but re-claimed previous top.
- Not pretty. Sell on pull-back to NL.
- Does not square with bearish SP500 and Fed on hold forever outlook. Can only be explained if anticipated drop is entirely due to credit risk component of ED.
- What this also means is - if I am right about S&P bearish outlook, there is no need to rush into shorting ED. Set entry targets near the NL and let limit orders get filled in due course.
3 comments:
Anyone remember what was the cause of the big down candle last Wed 16/11 ?
30% EDM2 at 99.18
-30% EDM2 @ 99.16
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