Monday, 21 July 2014

2pm update - awaiting yet another minor wave lower

US equities are battling hard to turn net positive on the day, but there looks to be very significant risk of a further wave lower into Tuesday. Regardless, price action still broadly favours the bulls, with the 2005/10 zone now viable on the bigger weekly cycles.



*for this hour...a break from the minor noise, with a reminder of the broader trend.

Upper bol' on the weekly is offering the 2000s in the immediate term, although daily charts will be restrictive to the 1990s this week.

On any basis..this market remains bullish...and certainly, the default trade would be to the long side.

*I remain content on the sidelines... seeking a better entry level...but hey...I realise I might not get it.

2.27pm... possible reversal underway.... at what is a typical turn time.