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Thursday, June 10, 2010

Thursday

Market recap:

Today's White Opening Marubozu confirms the bullish Harami reversal from Tuesday.
The Cyan fork is now taking the market higher. Possible targets are along the handle at the level of one of the downward forks shown below.




Currently the market is over bought and appears close to turning but there is no sell signal just yet.

Price broke through the M60 Kumo and then followed the cloud up to the top. The very same break in the strength of the Kumo I feared would let Price break out may be the point at which Price returns.

It is difficult to say with confidence what tomorrow will bring but if Price does not peak here then several Fibonacci levels click with the Forks at 1094 , 1105 and 1115. The bears can only hope that the Kumo transition allows Price to fall back through tomorrow.

There will be no rest for the bears until 1040 is taken.


These forks give some reason that the
/ES may not follow through over night.
But it's a long shot.


// __________________________________________________ //

13:30 ET
Currently at magenta trend line/Fibonacci resistance
The cyan dash line is a prominent level of support and resistance

10:44 EST

Looks like the cyan fork is going to hold.





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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