Thursday, July 22, 2010

3 views same caution

These three charts are all of TNA
with different time frames.  They all have the important eight sub divisions.  In the first fro 72 to 32 TNA did a 25% rebound and backed off and they are approaching the 25% again.  In the intermediary TNA did over 50% rally and backed off  to 12.5% and it is again approaching he 50% again.  In the last short term it has done 75% of the last decline.  The Andrews fork is for guideline channels.  The Trendline is not broken in any of these.   The last 3 days have been very active and flip flopping.  I will look for a minimum decline of 1.25 from the trailing top before I think about a short.  We had a higher high and higher low.  TNA is above the DOMA on 60, 30 ,5 and 2 min charts. The rally was a little steep and we have not corrected this move from today.  with AMZN and SNDK tanking on bad revenue numbers I would not be surprised if we get a little pullback.  That would give better evaluation of the next move.  If I get a trendline break and 1.25 less from 40.68 I will seriously consider a short term short.  Otherwise no go.   Should we get a new high that would be a long.  
A small point: we have been in a decline from 72 for over 2.5 months.  Some times we can get carried away and assume some how we can't rally to 50 or 60 or higher.  I am keeping my eyes wide open to follow the short term signals for  long term is made up of bunch of short term.  July 26th is an important Gann date. 

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