Interesting point Saturn, a big break down out of the wedge,
then a reversal and now a break out up. Maybe this is just a test
of the 61.8% retracement level with some sloppy price moveemnt?
If the breakout fails, then drops below the upper wedge line, we
might get our coveted bearish follow-through.
Seems like a lot of cautious Bulls running this market.
$RUT Upd
Posted by saturn6 on 2nd of Dec 2009 at 10:21 am
a double break or just a test?
Posted by klatuu on 2nd of Dec 2009 at 10:32 am
Interesting point Saturn, a big break down out of the wedge, then a reversal and now a break out up. Maybe this is just a test of the 61.8% retracement level with some sloppy price moveemnt?
If the breakout fails, then drops below the upper wedge line, we might get our coveted bearish follow-through.
Seems like a lot of cautious Bulls running this market.
Klatuu
Fakeout??..
Posted by saturn6 on 2nd of Dec 2009 at 10:36 am
The original wedge was probably a bit tight and the real wedge has been depicted by the grey lower line, so this may be the real fakeout??
But we do have more room for the oscilators to cycle hiher.