Short Term Update: MtGox daily chart

This is a short term view of the last 45 days (the distance between two vertical dotted lines is a week), after the first up swing the market retraced down to the 2$ level and it’s rebouncing from there approaching to what i call the death zone represented by the 7/8 of the distance measured from the low point to the high point of the reference swing. In this case it would be the area around 3.5-3.6$.

As i said in the past i call it the Death Zone because this is where many promising new swings die an early death without going above the reference top.
I’m not going to buy here because i publish only relatively safe trades here, but for who want to give a try i recommend to apply a tight stop loss under 2.65$ and a profit target at 3.5$