Feb 5, 2013
Short term update
UPDATE: Wow you do not see such thing very often - strong up day, strong down day and again strong up day.... schizophrenic market.
Infect this is bearish candlestick formation called "Bearish Stick Sandwich". We can see new highs, but that is part of a topping process for me.
For example the DAX has not reacted at all.... and it is far away from the highs.
Weakness in the afternoon session and H&S or move higher to ~1520 at least. The two scenarios are shown on the chart bellow....
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krasi, what do you make of this bearish stick sandwich? a reversal or a continued grind higher based on the indicators your follow?
ReplyDeleteI went trough the indicators and the market breadth indicators and they all have lower highs or higher lows(the inverse one).
DeleteUnder the surface this move does not look so bullish - 1h candlestick up and then whole day nothing.... and then DJ for example closed bellow the minor low for the day. That is not how bullish move looks like. DAX clearly corrective move up and there will be more on the downside.
I am not convinced from the bulls but the plan from the weekend higher high but short living is on the table again.
do you still think tza can reach $14 in a few weeks time? rut still looks strong with stoch over the 80 line.
ReplyDeleteYes I still think that we should see at least 38,2% correction. For TZA gap at ~13,5 to 14 the 38,2% Fibo retracement.
Deletethanks for your thoughts krasi. it seems this whole year has very little dips and pullbacks that even 38.2% seems a bit much. the buy the dips crowd is still very strong and every subtle dip is being bought back up as is the case today for example.
DeleteIts frustrating... but this is a trade against the trend. So it is always difficult.
DeleteThe signal was good enough, if I do not trade such signals I should not trade at all:)
The previous swings were the same story. It could take several weeks longer but eventually the move will play out.