Monday, August 24, 2009

IYG technical sell signal...

I observed the 1st solid technical sell signal in IYG today based on the diverged RSI. I consider this the most solid sell signal in the chart since the March lows. I went long a half position in FAZ based on this event. I noticed distribution type behavior in other key stocks and given the lower close, as slight as it was, I maintain my short positions...

I continue to read the chart as a terminal megaphone, Elliott 5th of primary 4 with a target of lows below the March lows...

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