feels like a profit taking day for the bulls. Rallies are low volume. short term patterns targets seem to have been met.
ER2 charts
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ER2 daily chart and Monday's plan
Risk is low for a short to take advantage of profit taking by the bulls. Volume did not support the breakout. Dynamic resistance is in play.
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Descending triangle appears.
I am inclined to fade upside breakouts until this moves further towards the demand line. [lower parallel] typical choppy action after the recent run. Profit taking by the bulls looks to be fairly tame so far.
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ER2 is back at support
volume confirms the move down and the failure of the bullish breakout on the descending tirangle. This is a good spot to take profits if very short term trader. If you hold longer than just set stops at the last minor peak to lock in some gains.
http://img246.imageshack.us/img246/1905/er2esv5.gif
http://img246.imageshack.us/img246/1905/er2esv5.gif
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