Tuesday, February 1, 2011

Trading Guideline for Wednesday

End of day rally on Tuesday failed to break above morning high as profit-taking activities took price back down as it attempted to take off to higher high.

It is possible that wave 5 up may still be in the card for Wednesday. If so, I will be looking for early morning rally to higher high above Tuesday's high that should be followed by an abc correction or reversal back down.