Thursday, 10 May 2012

10am update - the RS is forming

Not much to say right now, I'm kinda tired. Suffice to say, the RS that I am looking for is probably forming now. It is likely we'll have 3-5 days of chop between 1350-1385. I do not expect a break above 1395...for many months. I'm holding to the monthly chart..which is warning of a move to sp'1150/00 within the near 1-5 month term.

Neither am I shorting right now...the prices are not ideal..and besides..look at the 60min cycle..we are cruising higher. Only a maniac would go long at this level...and it'd take an even crazier one to short this hour.

Sp' 60min H/S chart

I suppose a short around 1373/77 would be acceptable...if both the 15/60min cycles are maxed out, but that seems unlikely today. Anyway, I doubt we can hit into the 1370s today.

More later...