We have traded down a little bit over night and I am looking to buy into this market between $1127.50 and $1125 depending on what momentum looks like if we get down in that range.
So far the 50% trend line from the chart in yesterday's post is still in play. I think there is a good possibility that we see some choppy consolidation action throughout the week only to retest the January highs by Friday.
On the first test of the highs I will look to take a short. How much I look to take off the table on that short depends on if we have a significant pull back before reaching the double top or not. If we don't, I will look for a bigger take. Now, after I cover, I will look to go long the market and hold long for a potential break of the double top. If we do pierce those highs watch out for short covering that could lead a nice surge to the upside. This will be a critical point in the market and could be THE opportunity to start loading up on the Short Positions. That is one option I am seriously considering at this point, lets see what the market gives us.
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