this is this mornings trade.... we have a retrace of 23%... maybe a little more...

Lets look at the wave..... Nice little wave 1... Wave 2 correction, the bulls jumped on... brought it it........ Now..... The third wave kind of moves up... but then falters... moves sideways..... it's starts looking more like an ABC wave..... you can maybe make a wave 4 there... Maybe wave 4 is developing.... This is nothing to jump on...... Yet...

Ok.... So the wave Developed a nice little wave 4 then bounced back.....

I draw a trend line...... Then we wait till it breaks that trend line.... Usually when it breaks the trend line it will follow it to the upside for a bit..... This is wher you put in a stop limit... or order to sell if it gets to a certain level... Say that 133.00

So this is it topping out.. I drew teh arrow to show where I thought it was going to top out.... Again we made an higher low... ... But what we do is look for it to break that higher low... and that is our entry point.

ok that yellow arrow is where if it breaks below you enter... and if it does that then breaks above that high... that is your low risk entry..... Risk 20 cents.... and hopefully the trend maintains to the downside... as a shorting opertunity....

we maintain being conservative on our entry... and it keeps saving us... But we have more that MMMMMMmmmmm pattern and not the WWWW pattern... slightly higher highs... if you are aggressive you can make an entry at this point and just stop out with a 20 cent loss... or Wait till you see a confirmed lower low....

This shows more Distribution than acumulation, with sellers more agressive than buyers.