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Thursday, December 24, 2009

E-minis (Update 11:26am)

There are several ways to set a target for "C".  You can add the price width of the triangle (heavy blue line) to the top boundary line of the triangle. This gives a much higher target.  

Wave-wise it sure appears as a thrust move which probably means that once it runs out of steam, it will retrace back, at the least, to the upper boundary to test for support.  There is no divergence yet on this 60 minute chart. a sharp little price drop will cause a sharp decrease in RSI and then any subsequent up moves will likely show divergence.  Yes they can be "runover" but sooner or later this thrust move will end.

The minis are positioning themselves for a breakout.

FTSE100 made a new high today so you can check that off as requirement fulfilled.
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