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Saturday, July 16, 2011

Saturday

On Wednesday a High Wave Candle Stick created a Bullish Harami. Thursday failed to confirm the signal, but Friday's Close ended higher than Thursday's close confirming the Bullish Reversal.

The chart below also shows the Price below the Daily Kumo.  This section of the Kumo is not particularly strong (Not Flat).  Price is finding support at the Kijun-sen.  Currently the the Kijun-sen Tenkan-sen cross is Bullish.

These mixed signals from the Ichimoku are not presenting a solid signal, but a move above the Kumo will put this chart back into the Bullish category.

These Forks were drawn on the .0618 Fibonacci lines and are no longer serving us well.



Below shows the forks repositioned to the 0.786 lines.    I often start with the 0.618 line and later progress to the 0.786 line.   This new position appears to present a much more Bullish outlook.

I believe the market will reverse here and test the top tine of Yellow Fork.  The greatest resistance lies at 132.60 and then at 142.00 SPX.

The longer we trade this range the more pressure will build.  If it breaks to the upside it may be the final super nova finish which could take us outside the lines of the 2007 fork, but  I would not take that as a Bullish signal.

On the other hand if the 2009 fork is broken then we know where that's headed too.  It's becoming risky to hold positions over night, but if you are on the correct side it may be a windfall profit.


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PALESTINE ON THE WORLD'S ANCIENT MAPS

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Posted by The International Palestine Network - Gaza on Sunday, February 21, 2016