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Tuesday, May 4, 2010

Tuesday

Market Recap:

DDF was off the mark today, and the market delivered a Black Opening Marubozu. This is a very Bearish candle stick. I admit I've been a bit hasty to claim reversal so technically this too will require confirmation.



I expect a bounce tomorrow. Today paused right on the forks handle and I doubt that it will follow through to the opposite side without a small correction. The Green fork is well established now, but should the Bulls manage to break out of it, then a buy signal will be clear.

I have a feeling the Bears have finally taken control. Many indicators have turned Bearish on daily charts, the mood is far too optimistic, and there are a lot of ways to cross check Fibonacci ratios with key supports. 1045 will be a tough one. The Daily Kumo also sits below at 1046.

It appears that the yellow upward fork on the E-minis is holding tonight. This is going to run into the Green tine by Friday so we should know by then if the big 3 is here or not. If so we may bust through the trend line.

The Daily Kagi Chart has finally put some red on and managed to place the bar even lower. No black here until 1205.
There is some wiggle room for this big red fork but
there is a possibility that we have broke on through to the other side.

It will be interesting to see how the green fork develops.


15:30 EST

Most Hourly indicators are short. The Oracle is warning of a change.


15:15 EST
I believe I've been too generous to the Bullish positioning of the forks. This is a more Bearish placement, and it looks better to me. Notice that we have cracked the bottom tine of the fork from March 2009.

The Kumo will offer support at around 1050. Price is below the Tenkan-sen and the Kijun-sen and by the end of the day I believe they will have completed a Bearish Cross.

All other system are short. PPS is shown here.







13:41 EST

There are a lot of Fibonacci and
Andrews Pitchfork relationships going on here.

Caution still needs to be used as this area around 1173 is the bottom of the upward yellow fork.
This is going to be a deal breaker. The distance dropped over the past 3 days is close to the distance dropped April 26 & 27. This could be a zigzag.


12:25 EST
If Price breaks the shoulder line, here's what I see as a H&S target. I've fit it into the Fibonacci Time Ratios as well as the Andrews Pitchforks. Somewhere around 1130.



10:30 EST
DDF has a Neutral Bias

We got the pull back and broke the cyan fork, and Price has hit the target area near the handle of the green fork.


Now within the lower half of the yellow fork. The Weekly Persons Pivots are shown.
I'm hoping today's candle does not end with a long tail.






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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