Friday, September 23, 2011

Friday Short Covering

On the run today, but the end of week short covering showed up nice and early this morning. After all it's been a very generous week.
My guess is there will be further to go on this move down. Yet to see an extension anywhere since the May 4 highs, so one is overdue.
If there is enough retrace by the close, say .382 / 50% , probably a good opp. at the respective Fibonacci levels to position prior to the week end .

Active Mo. Hourly
click to enlarge
Either way it's going to make for a pretty negative look on the weekly charts - this will be the low settle for this move down and for a year.



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