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Friday, May 14, 2010

E-minis [Update 10:58PM]

[Update 10:58PM:  The market is battling to hold probably the last big support above the big gap 1110-1122 gap. Also near the 38% Fib pullback spot. Going out to lunch.]


[Update 10:15AM: One important point to ponder with today hitting the sub 1140 range, is that it kind of confirms that an ending diagonal  http://4.bp.blogspot.com/_TwUS3GyHKsQ/S-xr2hFj1rI/AAAAAAAAFOw/725L2vqSWa8/s1600/wilshire1.png in play as one of the results of an ED is usually a rapid price decline to below where the ED started.  So wave-wise, thats an important "marker".  The key is fiuguring out where that ED fits into the larger pattern. 


ED's are at the top of a trend. So the ED peak is either a wave 2 peak outright or an [a] or [w] of 2.   That supposes we are either in wave 3 down or a nasty [b] or [x] wave pullback. We can help determine which by what the down waves are doing. Are they impulsing in 5 wave structures? We'll see.]


[Update 9:50PM: Thats some good selling going on. See down volume and decliners.]


Still above upper support.
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