“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” Lao Tzu, Chinese philosopher, 6th century BC


Thursday, 28 April 2016

28 Apr 2016 - Basing.. A Success

The basing pattern I mentioned yesterday and the possible scenario played out today.  Not only did price push to make a lower low, but it also supported near the 200 moving average of the 60 minute chart I indicated yesterday.  We are still trending downwards so we will see if there are any follow through lower past today's bottom support.  Perhaps we will see the 200 day MA reached eventually, but keep in mind that our long-term time frames are not looking bearish as of yet, so I would only call this push lower as a temporary down turn until we can confirm through an OS signal or bearish sentiment.

SEN: Bullish

Note The ES is showing a positive divergence in its intra-day chart, therefore we can expect a rally of sorts followed by a push lower based on our ST signal.

No comments:

Post a Comment