Monday, 23 April 2012

2pm update - baby bear flag almost complete

Prices are actually a little weaker than I had expected. The bounce so far is a mere 7 sp' points from the 1358 low. Its possible the little bear flag will keep growing sideways all the way into the close, but considering everything, I'm looking for a closing hour sell-off, new lows would be well within range.


*the 10MA at 1370 (still falling strongly)...remains key resistance.

2 rainbow (Elder impulse) charts, to clarify the near term trends


VIX' daily

Anyone still want to be long after seeing those 2 charts?

I am most certainly looking forward to the closing hour, and indeed the rest of this week!