MT: DOWN (Still OB)
ST: DOWN
PA: UP
Congestion of Moving Averages needs to decide on a trend.
Wednesday, 22 January 2014
22 Jan 2014
Prices and general markets remains sideways. No highs and no lows. But we did end pretty much right where we opened and for a candle stick that would be a indecision. We are still above the 60min 20 and 75ma. From an EW perspective this looks like a corrective pattern from the highs, but we shouldn't be quick to label it as such until we break key price levels. Currently our Support and resistance area have not been broken and our ST still remains Bearish although very weak. Bias still would be for the downside unless we break the highs made on the 21st on the SPX.
MT: DOWN (Still OB)
ST: DOWN
PA: UP
Congestion of Moving Averages needs to decide on a trend.
MT: DOWN (Still OB)
ST: DOWN
PA: UP
Congestion of Moving Averages needs to decide on a trend.
Subscribe to:
Post Comments (Atom)
Hi MP, today's morning market in Asia, ES globex retraced a lot but still within the congestion area over the past few days. Given the long time trend is up, could it be just a consolidation before another move up?
ReplyDeleteBased on EW patterns seem to indicate lower prices. So keep an eye for 1826 to possibly break.
ReplyDelete