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Wednesday, July 28, 2010

E-minis [Update 3:12PM]

[Update 3:12PM: The DJIA triangle that failed is of course bearish for the bulls.  However the DJIA is just now settling back on its base channel. How it deals with that will be telling. We do have the alt count http://1.bp.blogspot.com/_TwUS3GyHKsQ/TE7qizVZDgI/AAAAAAAAGoY/wUG_w7A2kjA/s1600/djiaalt.png]

[Update 2:15PM: It would be a shame if this triangle failed as its such a nice one.]

[Update 1:05PM: Update on the DJIA triangle. Either its over (with the e wave tracing a mini triangle) or just hitting "d".]

[Update 10:05AM: Just throwing some counts out to see if they stick. Triangle in here somewhere.]
[Update 9:55AM: Zooming in on what appears to be wave [v] of C of (2) for the dollar, we could be looking at a thrust out of the small (iv) triangle to the dollar wave (2) bottom.]
The four hour candles on the SP e-minis is showing a bit of negative divergence with the previous MACD peak. This shows up on the cash index charts too. It also has a slight MACD bearish sell crossover and red MACD candle history. Its not screaming "down we must go" but then again it is showing some loss of momentum which we are looking for.
FTSE target is the blue box area. Getting close. A perfect expanded flat target would measure to around 5499.
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