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Yesterday I posted my analysis pointing to a short trade
in Mar Cocoa looking for new lows in a wave 5 type move.
Today I sold CC8H at the open and was filled at 1560
the market made a nice move down to make a low at 1538 where
it found support and closed at 1552 which was dissapointing.
This support was at the .618 extension of the minor wave 1
projected from minor wave 2 at 1602.
I still have a bearish outlook but expect a bounce higher
tomorrow, how much of a bounce remains to be seen :)
It will still take a move above 1602 to change my outlook
so longer term I will maintain my short position but will
likely reverse to the long side should the market trade
above 1602.
Attachment Converted: "c:\eudora\attach\cc8h1.gif"
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