Time for a Retrace?

6 thg 8, 2015

Maybe we won't get to OTE. We've been doing some pretty shallow retraces on the way up, so we could also find a floor and continue up from here (in the 275-285 range) and make a higher high and push into the 300's. But it isn't feeling that strong, and , so right here I've sold with a stop loss $5 above, . If we break 270, a retrace to OTE is almost certain.

A retest of 274 appears imminent, so depending of the strength of the bounce, I'll either be closing this short or letting it ride until it looks like a buy.