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Following up on the post from January 21, my stop survived the drop of January 22.
USO has quickly retraced 38% of the drop from January 6. I thought some profit taking might be in order.
If what is unfolding is a 5-wave move, then top of the wave marked i should hold, and that’s a tentative stop area for now.
These fast moves of schizophrenic masses in and out of issues like oil can offer opportunities for gain as well as loss. An aptitude towards calculated risk is essential, and discipline is the only lifeline.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago