Tuesday, July 14, 2009
The other day I mentioned Wolfe Waves. I've been watching for one of these setups to come along and I think we may be close to one right now. It's not a big move but at this point I'm more interested in seeing if it will work.
So if we get past the top trend line to point 5 the idea is to sell and take profits at 896 tomorrow.
I don't have a lot to say about today. Just small a range trading day on the S&P and the currencies too. I'm hoping we top out here and quite honestly I hope I'm wrong about that long drawn out scenario I showed you yesterday. I'm all for a wave ii peak, and seeing the rest of wave c develop. I'm tired of watching this slow market.
Oh, I almost forgot the elephant in the room! This wave looks like a possible triangle.
After looking at that a bit further an EW triangle would go the other direction.
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 12:35