Wednesday, March 18, 2015

[PBR] update


I'm just not seeing the motive vibe that I would want to see here if a real and final bottom was in for PBR yet.  Always be concern about a corrective wave to the level of the prior 4th whether it is a-b-c or a-b-c-d-e as this one appears to be.  The cut and run signal is a break below the top rail and you know you did the right thing if it subsequently breaks below the bottom rail.

Of course this could turn motive in an eyeblink if the market doesn't like what Yellen says but if it does, do not chase.  Buy the pullback because it will pull back.  No matter what, you are buying very, very near the bottom here whether it goes to $3 before it bottoms or whether it just begins to catch a bid from here.  It could of course to the double bottom on 5 waves down and that would be a very nice bottoming indicator as well.

No comments:

Twitter Delicious Facebook Digg Stumbleupon Favorites More