I don't think 40 is in the cards right now.
It has to get to 39 1/4 to void a down move then 40 might be possible. If you
have any size I would look to start taking profits between 37 1/2 and 38. Then
I would look for the next leg down. If 39 1/4 is hit then there would be
entry prices for both an up and down leg.
I keep sticking my neck out with these
predictions and some of them are very short term in nature. when I
traded on a daily basis for cash flow it was like shopping at Wal-mart or
Costco. You get to the register and the bill is between $100 and $300
and you bought nothing over a couple of dollars and you wondered how the bill
got to be so much. The same sensation hits you when your stops keep
getting hit and you only lose a little bit all the time. Pretty soon it
adds up to real money. You can't go broke taking a profit.
