Tuesday, November 17, 2009
Daneric posted an interesting Fibonacci chart today. He made no claim to it's relevance and neither do I. It's just an interesting observation.
MoneySpy dipped slightly below zero, and Price also dipped below the Andrews Pitchfork , but I held off from posting this today because there were too many other factors that did not support a Short sale. The pitchfork really needs to be broken by more than this small amount. Last Friday Price dipped about 10 points below the fork and recovered. Also Price is above the Kumo and a new low was never made to confirm the move.
As it turns out, so far that was a good call because the Price is back above the Tenkan-sen and the Kijun-sen, and MoneySpy is now back above zero
In this this chart I have changed the colors so that the Tenkan-sen is green and the Kijun-sen is red. This seems logical as green above red looks bullish to me. I reprogrammed the study to always show this change from now on.
Please notice the bottom of the Kumo. This will offer a good amount of support at 1097. Today would have been the perfect chance to pass through the Kumo but it appears the opportunity was missed.
Also i'd like to point out the way Price has followed the edge of the Kumo. I believe the market is near it's peak but with Alexander looking for the next four days to be up and a strong base to launch another Bull move, it would careless to go short here until 1097 is taken out with a strong move.
It seems no body can help me with the significance if the VIX.
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 13:55