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Thursday, May 6, 2010

Thursday

Market Recap:
DDF failed to see this drop.

The Candles have made a confirmed reversal, but we are left with a long tail which may indicate a bottoming. Watch the Green fork for a breakout.

Today's Long Black Candle was not a Piercing Candle because it was not a White candle, so the bullish threat is fairly small. Closing with another Black candle tomorrow would ease that small threat to the Bears.

Price is currently within the Daily Kumo.
Strong Kumo support is at 1112.
Strong Kumo Resistance is above at 1150

The Kagi Chart confirms the reversal.



15:00 EST

Price drove through the Kumo and bounced back to support at 1115 SPX.
The Green fork required an adjustment.
Can we label this a wave 3?




14:30 EST
Support is broken at the green handle. Down we go!

13:30

Currently 2.5 points below the top of the Kumo. If this becomes resistance the next support will be 1112. I'm looking forward to the close.. A close at or below 1150 will provide a very Bearish candle. Two and a half hours to go; a Black Closing Marubozu would put icing on the cake!


12:00 EST
Since nobody else toots my horn I guess I will
This is from Tuesday May 4th 2010
Here are some possible Elliott Numbers
the yellow line on the Oracle is beginning to enter the cloud.
Indicating a change may be at hand.



11:45 EST
SPX Daily with indicators
Notice the Kumo. We are at support.

SPX Hourly with indicators

10:30 EST

DDF is Neutral today.


Watch the large upward Yellow fork, and the Red and Green forks today.
Do we break major support or bounce off the handle of the green fork?

1145 will be a critical level.


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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