Monday, 22 April 2013

Closing Brief

The main indexes all closed moderately higher, after what was a pretty choppy morning. Precious metals and Oil held significant gains, the fractionally lower USD no doubt helped to maintain upside momentum. Near term target remains sp'1570s, with VIX briefly in the 13s.



I'm holding to the original outlook from last week.

A wave'2 ABC bounce, which now looks to conclude tomorrow - after 3 trading days, relative to wave'1 down which took 5-6 days (depending on how you like to count it).

What is clear, those looking for a H/S formation need to see NO daily closes >1575.

*I remain on the sidelines, and will be on standby from the Tuesday open for a major re-short.

Its possible we might gap into the mid-1570s, but - like today, put in a fail, with black candles on the hourly index charts.

We shall see.

The usual bits and pieces to wrap up the day, across the evening.