Blog Archive

Wednesday, February 10, 2010

Wednesday

Recap:

All indicators performed well today. Price was once again contained with in the limits of the DDF, Persons Pivots, and the Andrews Pitchforks. While it did not feel like a Bearish Bias we did finish down.


The EUR/USD violated the previous position of the yellow fork (posted at 06:30 this morning). Shown in this chart below I have adjusted it to a more shallow angle. If this fork breaks it will be a Bearish sign. The next chart with a Forecast fork shows where the next level of support would come. Possibly as low as 1.3625.



Here is a grand scale view of the SPX. This was a forecast fork Even though we are likely to soon break the lower tine it is currently offering support.

This chart shows the Persons Pivots for the Month, Week and Day. This weeks low is actually lower than the Monthly Low.

Next is a possible EW count. If we are down hard tomorrow this may be valid. The reason I feel this correction is not quite over is that we have not had the volume to indicate the peak, and I would also expect wave (iii) to begin with more of a blast. But the Squeeze indicator is beginning to build pressure on both the mini and the SPX. Wave 3 of 3 may be very close!




08:05 PST

While it looks very good for the Bears it's always best to recognize that we never know what will happen next. Below is a Bullish scenario that should be acknowledged.




07:30 PST

DDF is indicating a Bearish bias for today's trend
Currently Price is at the Persons S1 Pivot, S2 lays below at 1050.
Price is at the top tine of the Andrews Pitchfork which is providing a solid line of resistance.

Hourly Charts:
MoneySpy is providing a Bearish signal
PPS is Bearish as well
The dip below the bottom of the proposed wedge invalidates the ED, and supports the end of wave (ii).

Ichimoku is Bearish but Tenkan-sen is above the Kijun-sen in a Bullish cross. This is a warning to the Bears that they have not won just yet.

Daily Charts:
The daily charts continue to indicate a bearish trend.
MoneySpy is Bearish and PPS is bearish as well.
The Ichimoku remains Bearish with a strong Tenkan-sen resistance at 1074. But Kijun-sen is still in the Kumo.

06:30 PST

If the blue line holds
SPX


Decision time for the Euro.
EUR/USD - M60



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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