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Friday, May 1, 2009

The Bullish Intraday Squiggle Play





The market has the potential to get bullish by end of today and then followthru on Monday with the way I labeled this chart.

Or it might be triangulating in a consolidation pattern and will move lower, which of course implies a B wave of some sort .
The key to the count is today's low so far. So you could buy some longs and set your stop loss at today's 866.1 low if your feeling froggy long. Its just one example of an intraday chart pattern and how it fits into a larger pattern that you might use to daytrade.

I'm not trading today and set a stop loss on my QID. Don't feel like holding thru weekend if the market finishes in a bullish manner today.








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