Option Investor
Archive
HAVING TROUBLE PRINTING?
Printer friendly version
Keene Little : 1/29/2007 2:12:26 AM

After what appears to be an impulsive decline from the high last Wednesday, YM broke its uptrend line from the end of November (the bottom of its ascending wedge) and then bounced up and closed just below it on Friday. It looks like a nice setup for a kiss goodbye. Based on that setup it appears to be a good time for a short play. Link

The only problem I have with the setup is the size of the bounce. If the decline from last Wednesday was a 1st wave decline then we should get a larger wave-2 bounce. Therefore I'm anticipating that the bounce on Friday was only the 1st leg of a 3-wave bounce as depicted on the chart. An eventual push up to about 12565, a 50% retracement of the decline, as we head into the end of the month would also achieve a positive close for the month.

Keene Little : 1/28/2007 10:01:05 PM

Monday's pivot tables: Link and Link

OI Technical Staff : 1/28/2007 9:59:59 PM

The Market Monitor has been archived. You may view it and any previous days here: Link

Disclaimer: Stocks discussed in the Market Monitor are for educational purposes only and any analysis is not meant to imply a recommendation for or against that stock. The analysts in this forum as on any other website are prohibited by the SEC from giving any specific advice to ANY individual trader. All information posted is for ALL readers and is not meant to be directed to any individual. Our analysts cannot answer any email questions regarding any specific stock. Please do not ask and please do not take offense if requests are denied.

Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in most cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.

Market Monitor Archives