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Thursday, May 28, 2009

Bulls bought the "E" Spot

EDIT 2:20 PM. Actually the X wave could go and hit the 200DMA at around 928 - 934 tomorrow and then fail miserably.
A true bullish contracting triangle should thrust up and out and be a breakout move higher on some good volume.

I think its a false pattern for now. Market internals are not that great, only a 3.1 advance/decline volume ratio in the move back over 900.
At 908.5 [y] would equal .618 x [w] At 921.83, [y] = [w]. Anything more than 921, and yes this may be the breakout move higher indeed.
Been a real whippy day. Its judgement day for the markets. Maybe tomorrow too heh. Then a new month come Monday.


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