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Friday, July 10, 2009

Intraday Squiggles

Home from work early today. Had some free time, charted the squiggles intraday. Looks like some kind of triangle action today early. This triangle can really only be a b wave of an ABC (zigzag). At least thats what it looks like so far.

That would imply the the move from 887 down to 872 was corrective in nature and now the push is going higher. Perhaps a test of the big H&S neckline likely Monday at 893ish or so.

The emini chart shows the market is trying to challenge a channel breakout. I drew 2 channels because you cannot be sure where it really is. A channel breakout is a sign the down move may be temporary over and, at the least, a corrective up is underway.


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