Monday, June 15, 2009
The hourly MACD and stochs on the e-mini hourly both are near the "floor" as I show in this recent snapshot taken a few minutes ago. This is all hours of course.
Another wave move lower may likely result in these indicators developing positive divergence and often signals the bottom of a 5 wave move or the bottom of an ABC structure of some sort. Then the positive divergence on the MACD often results in a nice bullish bounce at the least. You can see the 3-4 times on this chart when that happened, an up move was not too far around the corner.
Of course if this is P3 already, you can start to throw that kind of thinking right out the window LOL!! But P3 has not yet reared its ugly head I suspect.
Posted by Daneric at 7:36 PM