Published on: 6/14/2011 by Nigel B. 340 days ago
The Russell index is bouncing from a support area after breaking from a coil (see post on May 23rd). We could get another day up but at some point we expect the down-trend to reaasert itself. The key area is shown in the pink line. Once that is broken, we’ll be looking for much lower prices.
At this point, I would hold off on any more shorts until price gets over 800 OR price breaks (and closes below) the pink line shown above (approx level is 767).