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Fellow Rt's
Well my next target of 520 on the OEX was hit today and we moved up after
testing that level on more time during the day.
Don't think it takes a genius to figure that a relief rally is possible in
here .
Even a retest of the low or an inside bar Thursday will set up divergence on
the Linslope2 oscillators as the downtrend begins to run out of steam.
Nimble traders may want to try and play this bounce on the long side but the
daily chart has not yet given any formal type signal. You would need to rely
on Intraday data to get you "In and Out" for a scalp type trade.
As for me, I will most likely wait for a pull back rally over the next week to
a Fib level and then short it again for a retest of todays low.
BTW if this low does not hold, my next target is 500 on the OEX.
Comments/thoughts always appreciated.
Terry
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