Blog Archive

Monday, December 21, 2009

Monday


12:15 PST

08:00 PST

SPX

/ESH0
By midday Friday it was obvious that the Bulls had taken back control. The downward fork was violated and upward forks were showing the way. Over night my indicators turned from mixed to full on Bullish.

For sometime now I've been warning of an explosive breakout from the trading range we've been in since early November. Todays action appears strong enough to lead the way up over the top of that range. From an EW point of view starting on 12/9 this could be a third wave of what might be the last C wave of P2. I'll bet you've heard that before. Please disregard any EW notation that you see on the chart.

Both the Daily and the hourly MoneySpy are Bullish. Both the Daily and the Hourly Kumos are now offering support. The pink line is where the Daily Tenkan-sen and Kijun-sen sit. These are flat and will also be strong support.


Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.

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