Jun 17, 2013

Short term update

UPDATE: Very interesting option (thanks to thewavetrading) - triangle which will resolve upwards. That fits my plan, explains the mess and there will be time the oscillators to be reseted.

Short term signal: NO CLEAR DIRECTION
Intermediate term signal: NO CLEAR DIRECTION
Comment: I do not have an idea - the price is playing with EMA50 on the hourly chart. We saw another battle for MA20 on the daily chart and another reversal. The price is trapped for more than 2 weeks in the MA50-MA20 range. Soon we will see strong move up or down.

Expected behavior:
- break to the upside - strong move higher tomorrow
- triangle - red day tomorrow and move to ~1620 for wave D

Levels to watch SP500:
- 1645 is resistance
- 1620 is support

Levels to watch Xetra DAX:
DAX gapped above resistance 8150 and MA50 but lost most of the gains and testing the range 8150-8160 now support. This level must hold if the index will move higher.
- 8150-8160 support
- 8280-8300 resistance

More confusion, another unsuccessful battle for the bulls for MA20 on the daily chart... I think the triangle has the highest probability now, unless SP500 rallies in the last 40 minutes.

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