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Tuesday, February 23, 2016

February 23, 2016

According to the Ichimoku we are turning more bullish but still have the Kumo above.  The forks are also showing the current 1925 zone as resistance.  The Volume Profile not shown here is also in agreement and indicates the most difficult zone to break through will be near 2000. 

The easiest way to look for these two areas of resistance on commonly available charts is to watch for breakouts above the 50 and 100 Daily Moving Averages which I calculate to be 1941.75 and 1994 (shown on the top bar).

I don't recognize any candlestick patterns today. 
My interpretation of the Elliot Wave leaves me thinking we are about to see a devastating drop into the 1500's in the near future, but until we break 1800 there is still a remote possibility of a 5th wave up.

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