AA Chart -- Double Click the chart for a larger view
Chart shows a bear coil that broke to downside, but the 60 min chart also shows a bullish falling wedge. So lower is expected but the wedge warns that the shorts must be monitored and exited at the right time. But there is still plenty of room in the wedge for lower prices, as long as the resistance levels hold. Not ready to short this yet, but will consider short on the next bounce, if it comes. No huge daily rsi bull divergence to worry about, if it looked like the Aug--Oct diverg I would consider long instead (actually I was long AA back then near Oct 6). Timing analysis suggests that in about 4 hours AA may bounce and start to level off (putting it as a possible Friday short entry).
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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