Tuesday, January 5, 2010

Natty


click to enlarge
The move down off the highs doesn't look like an impulse wave, but then neither does the last few days upside. It may well be that eventually there is an other wave up to test the highs at 6.04. I still like selling over 6.00 , resist at 6.07, and C= .618 of A at 6.26 .
Short term it looks weak with a move to test 5.50 likely. Under 5.28, an overlap of the 1, and the prob of the high being in goes way up.

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