View: EEM Weekly log.png
EEM Weekly log.png
EEM Weekly LOG: Last week I suggested that EEM may be about to fall but wait for sign of reversal. Friday's down action wiped out all the gains in EEM for the week producing a nice shooting star weekly candle. After a large rise this is often a sign of reversal. Some authors suggest that one way to trade this is to short with a stop on any close > than the high (in this case > 43.71.) Others might wait for the up trend line to be broken. Notice the price this week went just high enough to take out a weekly gap (those nasty gaps) but did not reach .78 retraction. So possibly there could be one more intra day shot at that level. ETFs: 2x bear EEV,, 3x bear EDZ.
Disclaimer: This is not a recommendation to trade but hopefully will be helpful in the way you choose to trade.
Take care. Have a good upcoming week. Tom B