Mar 22, 2013

Short term update

Here is the triangle which I was watching for several days. Currently we are seeing wave D, small move lower to finish E and move higher to the trend line.
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4 comments:

  1. AnonymousMar 22, 2013, 7:14:00 PM

    krasi, could that symmetric triangle resolve to the downside? What would be the target in that case?

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    1. KrasiMar 22, 2013, 8:06:00 PM

      One thing is for sure everything is possible in the markets:) Triangles could be even tops.
      Technically the oscillators are reseting which means we have corrective structure and the next move should be up, but who knows what will happen on Sunday in Cyprus:)
      The size of the triangle is 24-25 points - up break out ~1560 with target 1585 the purple trend line, break to the downside ~1550 and target 1525 support level.

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  2. AnonymousMar 22, 2013, 7:16:00 PM

    has your system issued a long signal given this triangle wave?

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    1. KrasiMar 22, 2013, 8:23:00 PM

      No, the histogram on the daily chart is still moving lower. We need a second green bar, which will cause the histogram to reverse and trigger buy signal - intra day move above 1559 to be exact is the trigger.
      Currently what I see on the hourly chart is three bars with long shadows two of them shooting starts - definitely the players are getting out at this levels. This means one more wave down E to finish the triangle has higher probability.
      Probably no one wants to hold through the weekend because of Cyprus. They can come out on Sunday with some news and a break to the downside can not be ruled out.

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