On the Daily chart a Flag pattern appears to have formed, currently bounded by ~ 3202 at the high and ~ 3013 at the
low.
We've elected a 50% short position at 3180 or better with a stop on half the position on a close above 3202 (adjusting
Daily for the rising upper Flag boundary trend line) and the remainder on a close above the June 07 recovery high of
3233.13.
As the direction into the Flag pattern was down, the assumption is that once the pattern is completed, the down move
will continue, breaking the Flag to the downside.
low.
We've elected a 50% short position at 3180 or better with a stop on half the position on a close above 3202 (adjusting
Daily for the rising upper Flag boundary trend line) and the remainder on a close above the June 07 recovery high of
3233.13.
As the direction into the Flag pattern was down, the assumption is that once the pattern is completed, the down move
will continue, breaking the Flag to the downside.