This is a 1 min positive divergence I mentioned in my last post, an adept and nimble trader may be able to cash in on a quick move. I'm guessing we see a gap in the a.m., perhaps a close higher, but that's way to early to tell. The bounce is normal so don't be too concerned with it at this point.
As for AAPL, this is a dangerous trade to embark on going long. There were a lot of people today who have been conditioned over the last month or so to believe the market will act a certain way-for instance, AAPL will rise forever. When there's that kind of an attitude, Wall Street brings the pain to the masses.
Here's the positive AAPl 1 min divergence
For a swing trader, this is the trend channel and the red box is the stop you want to watch for, then it's much safer to enter the trade short.
This is also my trend channel, this time it is set for a trend trader or investor, and in the red box, this is the stop where you should feel comfortable entering a trending/longer term position.
1 comment:
Great stuff Brandt!
From what you are seeing in 3C now, could this pretty much be it for GLD for a while? I mean, you have mentioned that this reminds you of oil in 2008. Does today's action and what 3C is showing you in multiple timeframes pretty much saying a major correction in gold is here or imminent?
Thank you,
A
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