<< We just have to get rid of some shorts first.>>
As hard as I try, I can’t find convincing evidence that we are already in the process of going hard down. Even the same KLAC on the 15 – 60min looks (so far) like it may be working on a consolidation before another move up. I am not saying that it will do that, just that it hasn’t given yet any real (impulsive, as it were) indication that it’s ready to accelerate down right now.
Or, look at MSFT. It gapped up a few days ago, and proceeded to make a bunch of flattish-looking wiggles, closing right at the trendline out of 10/10 low. Nearest upper trendline resistance (of - maybe - a forming ED on 60min) is way up, not far from 60 (for this scenario to have a chance the stock has hardly any room on the downside).
Basically, the action early next week should be revealing as for the short term. Longer term, yes, even if a significant pullback / reversal is not yet in progress, it’s likely to be not too far off. Right now, I am not uncomfortable standing largely aside, maybe throwing some jabs, and waiting for an entry. |
