I missed the BIG correction in the CD last night, but I will not walk away from this one given that the correction off the 3-Headed Monster 200% extension is far from over. As I called out this morning when I realized I slept through huge potential profits, I will wait for a bounce up to test the 34 ema on the 120 minute chart and then I will go short with two positions. I will be looking to peel one position off at the 120 minute 34 ema and the second off at the daily 34 ema level. The CD is getting hit with the triple whammy: (1) falling crude, (2) falling gold, and (3) a dollar that is just plain tired of falling.....for the time being. This time, I am going to have an audio alert on so loud it will make the dogs down the street bark wildly into the night. I am not missing this opportunity.
Below are the daily and 120 minute charts:
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