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

PAYPAL

Tuesday 25 March 2014

25 Mar 2014

The trend is still bias to the downside, but the strength is favouring an upside.  Therefore the only conclusion here is to watch for a confirmation higher by morning.  Yesterday we noted that the two MA in the 60min chart was important since price was stuck between it. Today it favoured to stay above the 75ma which is bullish.  The only thing holding it back is a downward trending line that could possibly be a triangular pattern that is forming, with an upper trending line also converging.  A bullish EW scenario is that this is a 4th wave and a 5th for new highs.  We are always open to possibilities and higher highs is one of them.  So watch the count carefully and always be ready for a reversal to the downside as this topping process will only get riskier as time passes. 

MT: DOWN
ST: DOWN
PA: NA

Note: Respect the ST and don't try to out smart it...
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2 comments:

  1. drcrazy26 March 2014 at 07:20

    Could you please tell me which tools or indicator you use to determine the "ST"?

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  2. MP26 March 2014 at 16:35

    I recommend going through the blog. I know this is tasking as there are over 500 posts, but you will gain more understanding and understand which indicators I am using. It is all in the blog. Nothing comes for free, but this is the closest. you just need to do the work.

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