During a bull move, the Elder impulse chart tends to be a bit contrarian: a sell signal normally marke a short term bottom, and this one may not be an exception. While that is a possibility (and that is enhanced by the lack of distribution coming into this week), we also have to be cognizant that this could be the beginning of a trend change and a correction. The key here will be support levels, a very important one of which we lost today at 1438. We still have a ways to go before threatening the 50dma, and at this point we may be looking at what may be the last buying opportunity of the longer term move up. However, we wiol have to wait for dome kind of confirmation, because if that is wrong and you try to catch this falling knife, you could be cut to shreds.
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http://samuraitrader.blogspot.com/2012/09/one-level-of-upport-down-more-to-go.html
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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