Here is today's wave chart for the e-minis. The latest rally lasted longer than I expected it to, but did not carry the market above resistance illustrated by the dotted purple line and the two purple rectangles. The up wave lasted longer and carried further than the preceding up wave. This means that the bulls are getting interested in the market once more.I think the current down wave will carry the market down to the range estimate low at 775 (blue rectangle). I think tomorrow will be a bullish day and will probably carry the market to or above the 800 level.
2 comments:
Carl, Given the extreme actions of the Fed, it would be greatly appreciated if you could provide more in depth analysis and forecasts for the US dollar and the 10 year bond yields. Thanks.
Carl,
While yesterday's down bar from 800 may not be supply shock, why wouldnt yesterday's high volume up bars after a significant up-move and a low volume retest/marginal highs be considered as a perfect buying climax and market needs to correct by price to penetrate those levels again?
Thanks!
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