Thursday, May 10, 2007

there is an interesting development to that trade:

technically we are correcting in a small channel within the greater downward channel

the new Directional Movement indicator I experiment with is giving signs of move upmove momentum in place... DI+ is high above after crossing the DI- from below and the ADX line is well into 29 to 30 levels - thus indicating strength in current corrective move.. I watch for a possible reversal - - if not the chart pattern I describe below will be negated..

the scenario at present I view as a FLAG configuration which implies a continuation of the recently started reversal - - thus a bounce off the small channel top around 162.95 and a breakdown through the lower channel line around 162.30/40

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