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Wednesday, March 3, 2010


21:45 EST

Today ended with a Doji, and combined with yesterday's white spinning top we are close to a reversal. Confirmation will be nearly any black Daily Candle.

The Ichimoku is giving notice to the Bulls with a Bearish cross. Price remains above the 60 minute Kumo, but Price is respecting the Daily Kumo, and as previously mentioned there is weakness in the Daily Kumo tomorrow. Please reference the chart below and notice the thin Kumo.

The Kagi chart has not issued a reversal, but any dip below 1116 SPX will start a reversal.
The 10 minute Renko chart confirms the 1116 reversal level.

We crossed below the handle of the Andrews Pitchfork, which casts a bearish bias on the market with expectations of at least reaching the lower tine. Should that happen the above charts would become bearish.

The Elliott Wave is set to resume the P3 move, but because there is always an excuse for being wrong of one more surge toward higher levels is possible if today was a wave 4 rather than an ending 5 count for wave C. In any case Elliott is looking for lower prices very soon. At least that's the way Elliott sees the market today.

MoneySpy and the PPS. have turned Bearish.

Bottom line I'm looking for a down day tomorrow which will confirm a better than average chance of a sustained Bearish move to 1085, with 1097 being one of the most important levels for the Bears to conquer. Beyond 1097 there is little support until 1070.

13:15 EST

Price began to find resistance at the top of the Daily Kumo but it has managed to squeak through and will now find support at 1120. The Daily Kumo is weak tomorrow and this may offer a better opportunity for a Bullish reversal.

The Kagi chart is indicating that the Bears have little to celebrate until 1116 is taken down.

Yesterdays Candle Stick chart ended with a White Spinning Top. This indicates indecision and could be a reversal if today brings an Engulfing Black Candle.

12:30 EST

TOS now allows me to set the time zone to EST. This seems to be the best way to present charts since this Blog is global. It may take a little getting used to but I'll try to begin posting the time on each update with EST.

You can see Persons Pivots on the chart, but I have removed the bubbles because Persons Pivots always showed the next days values which are irrelevant to the immediate market. This makes the DDF values easy to see.

DDF is showing a Bullish Bias.
Ichimoku MoneySpy and PPS are all Bullish

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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