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Monday, August 23, 2010

Monday



Market recap:
My error. Today gave us a Black Candlestick rather than a Black Opening Marubozu. This candlestick will have a 53% chance of continuing the Bearish trend.

By the way we had a Bearish cross on the Daily Ichimoku today.

// End of Market recap for 2010.08.23 //

10:30 ET

Last Wednesday Price broke slightly above the mid-line of the fork. This may happen again today, but I don't expect Price to rally to the top tine. Even if it does I believe this week if not today will reward the Bears. A break below 1060 will violate the fork from March 2009.

Breaking the 2009 fork will begin an avalanche of Price to the 1040 range which I believe will also fail. The low of 1010.91 will also present some support. My target remains 950 before any major support.

DDF is Bullish.


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