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Jamie's Pick: 08/01/11

Jamie's Pick: 08/01/11

2011-08-01 15:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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I wrote Wednesday that “this flat either composes a 4th wave correction within the 5 wave drop from near 14400 or a 2nd wave within a series of 1st and 2nd waves from the same level. Allowing for a pop above the recent high (13714), I am looking lower.” The EURCAD has popped above 13714 to meet the Elliott channel. If this count is correct, then price needs to turn now. The reward/risk is heavily skewed to the downside. Stops on shorts should be above 13825. There is a fibonacci confluence near 13200.

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