Full Metal Alchemist
1:55pm EDT: Alchemy is a secret art which I’m using to get a leg up with my ZG futures trades:
I seem to have competition lately however:
Remember this chart? Well, that sideways channel used to act as resistance on the way down but magic Goldman/CNBC alchemy has turned it into support now. This is a line to keep in mind – assuming you are a bear and are hoping to enjoy a better exit for your puts. Meaning this line will have to be breached and I expect it to be heavily defended. At this stage however I take the few downside handles I can get my greedy paws on.
So, paranoid as I am it occurred to me of course that we could be pushing higher here and then drop into a fourth wave – the bottom of which might be around this 933/934 line.
So, continuing my mental masturbation I drew some fib retracements from the bottom of this leg all the way to my projected target of 952.5. Guess what – an obligatory 23.6% retracement would get us to 932.5.
Sorry for ruining your weekend – hehehehe 😉
2:52pm EDT: Another one:
This seems to be our little daily micro channel for today.