Wise idea Peter as it doesn’t look like it’s ready to go down any right now. They are just making a bullish triangle right now that should breakout to the upside Monday morning. Of course they still could breakdown just as easily as triangles can go either way. But since the bearish view of things rarely work and bullish view always works we have to lean toward a bullish breakout on Monday.
The only thing that bugs me is that they really won’t go down enough to create a 4th wave and to create the negative divergence on the daily chart I’m looking for. They need about 3 day of down movement which tells me Monday should be down… at least during the morning session.
However, the rising lower trendline on the channel has moved up to about 1615 today will continue rising on Monday as well. So the move down to gap window around 1610 doesn’t seem likely at this point. They are really stretching this out until the last day I guess, which is frustrating both bulls and bears.
with the new fed news, think you missed the initial drop Red?
Got a little short, just in case that was close enough
Just holding some ES so I think I
Wise idea Peter as it doesn’t look like it’s ready to go down any right now. They are just making a bullish triangle right now that should breakout to the upside Monday morning. Of course they still could breakdown just as easily as triangles can go either way. But since the bearish view of things rarely work and bullish view always works we have to lean toward a bullish breakout on Monday.
The only thing that bugs me is that they really won’t go down enough to create a 4th wave and to create the negative divergence on the daily chart I’m looking for. They need about 3 day of down movement which tells me Monday should be down… at least during the morning session.
However, the rising lower trendline on the channel has moved up to about 1615 today will continue rising on Monday as well. So the move down to gap window around 1610 doesn’t seem likely at this point. They are really stretching this out until the last day I guess, which is frustrating both bulls and bears.
SPY Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/spy-chart-analysis_10.html
Selling is pretty weak today. I’ll wait for the FP you found to short
GOLD Range breakdown: http://niftychartsandpatterns.blogspot.in/2013/05/gold-range-breakdown.html
That 15200 DOW is about equal to the FP of 164.30 SPY (or 1643.00 SPX)
waiting for dow 15200-15600 zone
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/es-chart-analysis_10.html