Monday, 10 March 2014

2pm update - the stripped weekly

Whilst the day continues to see minor weak chop in the sp'1870s, the bigger question remains when is the current ramp from 1737 going to end? The weekly up trend remains powerful, but we are clearly in the very upper end of the viable trading range. Bulls face strong resistance in the 1880/1910 zone.

sp'weekly'2, rainbow


Stripped of labels..counts...what can we say?

Bulls have seen a sig'ramp..and we're close to getting stuck.

Personally, I will be looking for a blue candle on the 'rainbow' chart either this week...or next week. If that is achieved, I'll jump on the short train.

For now...I'm content to wait though.

Lets see if the bull maniacs can break >1883 tomorrow..or later in the week.

*in the meantime..the PLUG hysteria remains entertaining....

Unquestionably...wrapped in utter parabolic hysteria..and that is a bearish engulfing candle on the hourly chart..   bull maniacs...beware!

2.33pm.. the churn continues

Notable weakness: DRYS, losing the 50 day in the $3.70s. With that break, I'm leaving that well alone.

If market gets trashed this spring/summer..DRYS would be attractive to me in the low $2s.