Subscribe Now

Wednesday, October 28, 2009

P3 ongoing...

P3 is ongoing my friends, that's what I see of this movement...

Remember this chart I posted 3 weeks ago? I said after the break of the wedge line we needed to retest it and then kiss goodbye.

 I though we'd retest it in a more faster manner, but what the index actually did was this:

It went up and up bumping up every time against the resistance, trying to regain the wedge failed and to me is a kiss death goodbye. Sayonara bulls.

P3 is ongoing folks, as I see it... of course I'll look like a damn fool if I happen to be wrong, which may well happen.

Just pity the fool:

On similar fashion, the USD has broken it's long term trendline... it looks I picked the right night, the other day on USD since that so far was the day of the low... The trendline was also retested and reacted positively, so it all looks good for a trend reversal...

 On a short term basis, and regarding S&P, we're now oversold, and we have a few important news coming up for the next 2 days, so volatility should come knocking. A bounce reaction to those news may happen and they would actually help to clear some of the oversoldness... And the structure calls for a bounce as well...

See the following graph:

blog comments powered by Disqus

Live Economic Calendar Powered by the Forex Trading Portal
Disclaimer: The information provided on this website, while timely, colorful, and accurate, is not to be taken as financial, legal, tax, psychological or any type of advise. The purpose of this website is to track the progressions of human herd psychology as it is reflected through several financial markets. Any commentary on this page, however useful it may be, is used for illustration, and to inspire thought provoking discussion, and not to be taken as specific trade recommendations. We are not endorsing any site or service, nor are we promoting choice examples as real-life trades. If it sounds sarcastic, it probably is and if it offends you, just don't read it. There are tremendous inherent risks in attempting to trade any market using any vehicle, particularly if it is leverage. Please contact your broker to explain all risks involved in the vehicle you will be trading and any questions you may have.

Back to TOP