Wednesday, 26 September 2012

3pm update - closing hour churn, or snap lower?

Everything is looking good for the bears, at least into tomorrow.

It looks like we have a clear bear flag on the hourly cycle, a close <1430 would be a bonus closing level, its certainly not necessary.




Its looking okay, a little bounce, some churn, and now the only issue is when do we break lower again.

From a bigger perspective, these moves are mere noise. Primary monthly trend remains UP, but the weekly is rolling over, the only issue is where it floors - 1420/00, or does it keep on going. Right now, I'm guessing we do indeed floor around the low 1420s tomorrow.

I remain short, seeking an exit @ 1420.

More after the close