Tuesday, December 29, 2015

[UGAZ] update

At the backlink I noted that the chart stalled at the 38.2 fib.  Turns out that was only W3.  Now its stalled at the 50 fib.  A move like the red path should be ample reason to sell and then see what happens.  It could indicate this was only a 4th wave a-b-c.  We will not know the truth of this until we see the first real retracement.  A break lower tomorrow from the open would be a sell signal as would a move above the 50 and then a break back below it.  Hopefully we get a deep vee 2nd wave here.

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