Longer term models are nice but the short term model should be your trading guide. This 4th wave HT is not confirmed yet but they don't head fake very often and a break down means 5 pretty good sized waves down are still expected. This will crush RUSL in the near term and so traders of that leveraged ETF which I am using as a proxy for oil should be very careful to sell if the sell signal is given.
You can always by back in if the break into the channel was just a head fake down which rapidly jumps back up to a higher high. If that were to happen it would generally involve a gap. But more likely, once it breaks that top rail the downside is going to happen.
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