The overnight market is correcting, and I've drawn a new Andrews Pitchfork anticipating the corrections we are likely to see.
This is a 30 Minute chart of the /ES.
The Daily MoneySpy is currently below the Buy/Sell line, but this day is not over, and things could change overnight.
I'm still looking forward to a solid break of the November trading range.
By the way, look at the volume on the two plunges we had today.
13.50 PST
Check out this beautiful Andrews Pitchfork and MoneySpy!
Now the Bears need to break this 18 day trend.
I'm reluctant to call this the top, but hey it's looking a lot like a top.
Enjoy the ride.
I'll have more later tonight, My real job beckons.
12:08
This is it. MoneySpy is negative and the BB is about to cross it's so narrow. Break to the down side!! OK I guess you know where I'm at...
11:08 PST
FAZ is on the raise. Bollinger bands very narrow. Explosive action ahead.
10:14 PST
Bollinger Band is narrowing. Explosive move ahead?
09:55 PST
The /ES chart is sitting on the intersection of three pitchforks. MoneySpy is slightly negative and a break below the pitchforks may bring a wave of selling. But my take on this is that we will bounce off this area to finish wave 5.
07:30 PST
Still getting a lot of mixed signals. Here is a possible EW count. If we bounce off the bottom of the Andrews Pitchfork this count would gain favor. The alternative count would be that 1117 was the fifth wave and the peak of wave C.Ichimoku is Bullish, but with Price below the Tenkan-sen there is with a warning to the Bulls.
MoneySpy continues to waffle over the Buy/Sell line.
So basically I'm still watching the Andrews Pitchfork.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.
Break of the mid-day pitchfork was a good signal, at least on the 2nd break. Seems you have to ignore the 1st violations in this market and trust that a second will come, no matter what signal you're using. When people catch on to that, maybe it'll be pushed to the 3rd.
ReplyDeleteSorry it has taken so long to reply. I often find that the price travels a little ways outside of the lines. If it does then try to find a new fork in the opposite direction. I've never noticed that there should be a certain number of break outs.
ReplyDelete