Decision Time for Market

Yesterday’s OBL rally was impressively thwarted, leaving us with a bearish candle and a possible top — albeit several points short of the overhead resistance mentioned in the last post.  As expected, we broke down from the smaller of our two rising wedges.  The larger wedge remains. One more push higher would make for a … continue reading →

Collision Looming?

These charts indicate a collision looming between: (1) the long-term wedge started March of 2009,(2) a more recent rising wedge starting April 15,(3) the long-term resistance line dating back to the early 1990’s, and,(4) the 78.6% Fibonacci retracement of the March ’09 lows. Note, both wedges are very long in the tooth, meaning they’re just … continue reading →

charts for May 2, 2011

A very long term support line comes into play as resistance.  About to intersect with the rising wedge from March ’09 (daily) and the rising wedge from this past April 15 (hourly.)  Then, there’s the .786 retracement off the March ’09 lows coming up at 1381.50. 50-100 (or more) point corrections every 3 months, give … continue reading →