Sunday, December 2, 2012

mini Dow (update)

Thursday price action confirmed a bullish ABCD pattern with shallow retracement and 3:1 right handed skewing.  We also broke the 3pt resistance trendline and closed above the 50 and 100 DMA.  I exited half my position on Friday @ 12986 and moved a stop on my remaining 2 contracts just below the swing low @ 12739.  This bullish ABCD pattern now suggests a conservative upside target of 13288 with more agressive targets of 13373-13615.  I will look to exit 1 @ 13220 and the remainder @ 13349.

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