Ultrashort China.....
Somone was talking about going short china...Grodge, wants some TA on it...
Green line shows a continued uptrend.
Red shows micro elliot wave... it does cheat a little at wave 2
Blue shows the larger wave... and the developing wave 3
of course china did close up... and there is a little bit of a wedge Reversal pattern developing.
how is that for a hedge.
2 comments:
Thanks for the chart. I was looking at FXI (the inverse of FXP) last night and was starting to think that the trend is flattening out. The long term 200-day MA is still positive on China.
Maybe I should take profits with FXP at $99, but I was fully expecting it to get to $104. With futures up today, I may need to get out.
I'm getting a little Sweaty here myself... I'd let the market trade for an hour or 30 min... This is either the top or an impending reversal....
It's not like a weak volume rally can't go on for a few weeks.
I'm going to stick it out... on most everything but I do think short china may be the best play after the next rally.
This is such an unconvincing rally. Kills me that we are at levels that failed a week ago, and that somehow it's ok a week later.
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