Blog Archive

Wednesday, July 7, 2010

Wednesday

Market recap:
Thank you very much. Please hold your applause. Did I say the 20 DMA? Yes I did.



OK, I know you came to find out what happens next, so let's look and the lines of influence. Price broke the Weekly Kumo like a cork under water. There are now two possible short term forks facing upward. The red fork and the magenta fork which I just added. One of these will prevail as the path to the top of the Cyan fork.

Looking at the Fibonacci Ratios, it appears that if the cyan fork fails, Price will go to the 1090 area. Oh Look! that's where the Daily Kumo sits. Just a cowinkydink, I'm sure. Oh yeah speaking of coincidences look at the congestion near the 20 DMA, the Hourly Kumo and the Forks. We will take a rest here.

Also take note of the long standing handle on the white fork. Now there's the fork to watch. This fork is still influencing Price, and until the lower tine to broken, it's going to be the trade line. It appears the Bears will have to put the picnic off, probably until around the beginning of August.

I been busy making money the hard way, and I can't spend the time like I used to, so here's the bottom line. Either we stop this train right here near the cyan fork ( I don't think so) or we push on though 1060 and then roll on to 1090.

Don't worry my bear friends, Our our day is coming. 1000 SPX will be the clue. 945 and lower will be seen soon enough. Might as well live large while we can.

Oh I almost forgot. Today's White Marubozu is a strong Bullish candle. I don't think we really need to wait for confirmation of a reversal. The market was pretty clear today.

// ____________________________________________________________ //

14:50 ET
20 MA staircase

12:00 ET
I'm out of here.
I'll leave you with my latest creation.
Shows Highest/Lowest for 3Day/3Week/3Month
& 20DMA (cyan)

11:40 ET
There is a good chance that we are heading to the 20 DMA

11:11 ET
DDF
Peeking at the Green Fork?
If I were counting waves I'd see a lot of 5's.


10:20 ET
A critical level


09:45 ET
This chart says it all.
The Daily (pink) and Weekly (olive) Kumos are drawn in.
If you would like further explanation - ask.
Without your comments, I assume you understand the analysis.

Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.

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