AML - Shorting area

This is exactly the sort of setup I've been losing a lot of money on by shorting. All the MA's from 200 to 5 are firmly up. That in itself means that this trade is a counter trend trade. In this situation I find that the indicators are most likely to lead to a pull back to a position of value for a 'long entry'. If you want to go short my advise would be very careful and have a very clear idea of your exit. If it pulls back at all, it's likely to be 418 I think before continuing up again. Check out OBV as well, rising nicely. My guess is 440 will be taken out and the SP will head up into unknow territory. Take care.

I always find that any major resistance and high on a weekly is worth shorting. Especially if it also meets the top of an oblique channel. RSI bearish divergence is always good too.

Targets:




409 (maybe 410 for round number) would certainly be 1st weight (both the 38.2% fib & previous resistance level). After that, probably the 200sma or the oblique support trendline, - whichever 1st.