Still another hour left for the market to close. Got nothing better to do than think about OIH. Looks like this is ready to roll further down. The bullish trend line has been broken with a gap down. The volume in the previous rallies have been declining. It is forming a sort of Head and Shoulders pattern with slanting neckline. Be warned, a lot of patterns exist in the beholder's eyes!
My Elliot Wave Principal count shows that 5th wave completed on 10-20-09. Now we should be in a three wave a-b-c correction. It looks like a Zigzag correction so far. The equality (a =c) target comes down to $110. While there is the previous 4th wave of one lesser degree at $111.
Still, the form does not look complete at $111 area. The 1.61 of "a" target is just below $100 and the previous 4th wave is at $89.
There is horizontal support at $110 and at $100. The slanting neckline can also provide support and will need to broken down.
We shall see how this unfolds. I am thinking about selling Bear Call Spread and let time decay work in my favor while OIH eases it self.
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