Mp -- 06.05.2011
generally speaking, I expect we go a bit HIGHER sunday ---- WE BOUNCED UP at the 4628 and should hit 4640 - 42 resistance area AGAIN and then will retrace to perhaps 4612 on the DAILY chart before we then head back up again --- 4690 area is the DAILY UPSIDE if we continue past 4240 (doesnt seem likely) and 4640 still remains to be broken after 7 hits, but right now I have to think that after Friday, we should retrace a bit so that the price is forced DOWN and the smart money can then SHORT to the bottom and prepare for the next leg up by buying at that bottom.
if we start sunday long, I expect 1.4640 - 42 and ONLY if we break 4242 with conviction (which I do not believe will happen) a possible 4649 - 4654 on the 15 min chart and 4665 - 4669 as an end of day number (btw, "conviction" in my language means something like 6-8 pips)
PRESENT MAJOR DAILY SUPPORT LEVELS
1.4630, 4625, 1.4612,4609 1.4605, 1.4598, 1.4587, 1.4568 (CONCEIVEABLE ON THE H4 -- but holding your breath for a few days and turning blue DOES NOT make you a better trader)
THERE IS ONE "BAD CASE SCENERIO" WHICH I dont think will happen but certainly exists as a "possible" ------ We DROP to 4630 and then CONTINUE BACK UP --- at this point, we go with the above UPSIDE information ---- Its a LONG SHOT, but not at all impossible. --- IF THIS HAPPENS, BE VERY CAREFUL OF BEING LONG ABOVE 4665 area (my feeling is it WILL NOT happen, and if it begins to happen its a HEAD FAKE to make the retail traders go LONG and BUY the smart money selling SHORT into the RALLY they created ---- HONEST, it happens constantly !)
AFTER ALL THIS JUNK HAS BEEN SAID, I BELIEVE WE DROP TO THE 4615, 12, 09 LEVEL AND THEN, FRIENDS AND FAMILY, WE HEAD BACK UP LIKE A BIG ASSED BIRD !
INTRADAY LEVELS