Thursday, 8 August 2013

10am update - bouncing as expected

The main indexes are seeing natural follow through from yesterday. The obvious issue is whether sp'1709 will be taken out...I Daily/weekly charts look tired, this is merely a natural bounce from the first wave lower.




Gains fading - already showing the weakness out there, but hourly MACD cycle offering underlying pressure into the late morning.

I'm going to let this play out at least until 11am..there isn't any hurry whilst the bears are still unable to kick the market -1% on any given day.

yours...still waiting (overly patient?)

10.03am..its looking pretty good for a clear top to form in about 2-3 hours.

1705..just about stop out the bears..before renewed weakness.

10.15am...I'm now looking for this...

A' wave done...seeking a B to level out within the next few hours..and then C up..which might not complete until early tomorrow.

Urghh..another day to wait?

10.23am..we've found support on the hourly 10MA @ 1691. we go up again...1705 remains viable.

*note, the hourly upper declining..should put a good cap on this bounce.

10.36am..hmm, falling again..another floor at the 'traditional' 11am time?

I'm sure not chasing this lower...seems overly risky of latter day recovery/ramp.