Monday, July 8, 2013

07/08/13: Took a short position at noon - holding into the 7/10 window, stop > 1660.

I took a short position at around noon as price entered a new high into the timing window.

The gap wasn't uber bullish but it wasn't muted either.  Somewhere in between but it gives me a better idea that the uber-bullish scenario isn't as likely anymore.

Price is hanging by a thread at the breakout of the upper resistance line of the two recent highs.  It is looking almost exactly like a textbook expanding diagonal triangle.  This implies a breakdown into 1610 zone.

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