Thursday, January 6, 2011

More upside left

The market broke the lower trendline of the Rising Wedge I posted yesterday but it didn't do so convincingly. And in turn it is triangulating again with intentions for another trust up. Looking at the MACD and the RSI on the 30 min charts they favor a bullish move in the next couple of sessions. In addition, the market is comfortably above the level I post (1265) so that indicates the bullish bias is intact. Lastly, the EW structure favors a 5w in the minute count to finish up the structure. So we'll see how much longer this will last but I get the feeling when the selling comes, it will be swift.

No comments:

Post a Comment