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Thursday, May 27, 2010

Friday




Market Recap:
Today's Black Opening Marubuzo created a Bearish Harami. This is a Bearish reversal pattern which requires a close below today's close for confirmation on Tuesday.

The DDF correctly forecast today's Bearish Bias, and the Green Andrews Pitchfork remains valid after being challenged today. With the formation of a Bearish Harami I'm feeling more confident that the Green Downward Fork will prevail, and expect the market to deliver another blow to the Bulls on Tuesday. Support was found at the Handle of the Cyan Fork, and the lower 60 minute Kumo.

Price is currently below the "7 bar MA of the PPS, and the Tenkan-sen but remains afloat within the M60 Kumo. The Daily Ichimoku remains Bearish, and although Price did challenge the Tenkan-sen earlier on, it closed just below it and the 200 day MA.


12:00 EST
Hourly Kumo support matches cyan handle.
This is a /ES chart

11:26 EST

If Price breaks below the Cyan handle, I'll go with a slight adjustment to the green fork as shown by the magenta fork. Otherwise 1122 (61.8%) looks like a new target.

Publish Post

10:30 EST

These two charts show the Ichimoku and the 200 day and 200 week moving averages
02:10 EST


02:00 EST
The Kaji Chart has registered a reversal. The Renko Chart has found support but so far the Green Fork is leading the /ES down the edge of the top tine.




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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