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Monday, June 1, 2009

The E-mini Triangle So Far (Updated)




UPDATE: I should have noted the rising wedge pattern which stands out. I updated the chart

Its a triangle on the e-minis and a clear breakout occurred and what hasn't happened yet is any kind of backtest (no matter where I draw the upper triangle line) which usually occurs in a wave two after the first wave up which may have peaked at 937 on the e-minis.

That backtest is the equivalent of the SPX cash index backetesting 914 support I think roughly.

Also look at the bottom study on this hourly chart, the combined MACD and Stochs. Its near the ceiling and it should start correcting downward.

13 comments:

  1. It is said, that after a triangle the breakout issn't so strong anymore, because the triangel need so much time and power. What do you think about a target?

    Could it be, that this third in a third impulse wave is already the third in a minor wave or just the third in a minute wave?

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  2. It entire wave up from "E" to 1st wave peak would be a Minute-sized wave in my estimation.

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  3. I agree with you. The GM foreclosure doesn't seem to be so bad for the markets.

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  4. I just don't know where to start the count. It would mean a wave (ii) triangle which is kind of a no-no.

    We shall see. I think its all a red herring for now.

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  5. Daneric you are a brilliant chartist and I thank you for sharing your knowledge. I don't know what you do for a day job but you should be a technical analyst. That being said I was wondering if you are still holding QID or did you sell? Also would you recommend exiting short positions at this time or still holding? Many thanks.

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  6. I don't have any shorts at the moment.

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  7. Daneric, you are not a brilliant chartist, you are the best counter on the weg. I searched the web through and throug for years to find good ELW counter.

    I am a paying member at EWI, but they are publishing really compact and late, so it doesn't help me at the short sight.

    Thank you for all your work.

    By the way, what do you do for day job?

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  8. Dan, so are you still looking for "E" ?

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  9. rk. Well thanks rk.

    Baie, E has happened on the e-minis. As far as the cash index SPX, I let you know at the end of day!

    I'm really not looking for anything at the moment other than a backtest on this e-mini triangle.

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  10. dan, this could be D peak

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  11. dan you are a washing machine, D peak E bottom etc. Tony is better than you

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  12. Who is Tony? That guy with the tie in the 1970's office?

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