Wednesday, May 13, 2009
I did not expect the Bull to be slaughtered on the way to the gallows, but as I said we are not out of the woods yet. This could go either way.
The market opened down hard this morning loosing about 19 points in the first ten minutes. The low of 889.37 came within a point of over lapping wave 1 at 888.70. It will require watching as this market has routinely made complex corrective waves.
The M60 Ichimoku chart below shows the market bouncing off the bottom of the Kumo.
With prices blow the Kumo in all but the M60 and Tenkan/Kijun crossed in every chart this looks like it could fall apart quickly. We are also below the trend line which indicates trouble for the market.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 06:44