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Tuesday, November 3, 2009

McClellans

This popular and widely used chart is still nearer oversold although it creeped back up. I did a cursory look at where the Minute [iii] launched from on this chart and all were at or near the zero (pink dashed) line.

So indeed the market is set up for a bullish bounce up to form that Minute [ii]. The VIX "trigger" is set back inside the BB. McClellans could use some strengthening. It has positive divergence on the 1029 low. A bounce indeed would be perfect. How much it bounces and for how long (days?) is the question. But it should form a discernible wave [ii] on the daily as you can see.
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