Time to short NK?
NK hit a high of 11555 yesterday and started to lose stream today. In fact, minus off the gap down of 100 points, today's range is only 50 points.
Since NK did not break the 120% of AB range (A is 10545, B is 11450), i.e 11630 and today's candle is a dojit with tight range, it seems like NK is losing its up trend momentum too, and a correction is likely to be expected.
If Dow is down again tonite, then any rallies in NK would be opportunity to sell. And if tomorrow it closes at the low, which means a red candle formed, then it is believe that NK will retract to 11100 level (about 50% retracement at least). So tomorrow's candle is important.
Well, let's see if my prediction is correct this time.
Since NK did not break the 120% of AB range (A is 10545, B is 11450), i.e 11630 and today's candle is a dojit with tight range, it seems like NK is losing its up trend momentum too, and a correction is likely to be expected.
If Dow is down again tonite, then any rallies in NK would be opportunity to sell. And if tomorrow it closes at the low, which means a red candle formed, then it is believe that NK will retract to 11100 level (about 50% retracement at least). So tomorrow's candle is important.
Well, let's see if my prediction is correct this time.
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