Today’s update focuses on SPX, RUT, USD and Oil. I covered in today’s video the first except on using time based analysis in trading. Time based analysis is the most undervalued and misunderstood aspect of TA in my opinion and we will be covering more of this in the future.
SPX – Be aware that I will be making posts intraday on these updates in the comments section. On the Wednesday Update, we called 65-70 as resistance and the formation of a triangle on ES. Both played out beautifully. More easily seen on ES, we have a clear ABCDE which completed yesterday and are now seeing a trust out of the triangle. Bulls are in must perform mode. Watch for resistance at ES 68’s – a fail there means we may see another test of the bottom of the range then 34’s next. I am expecting 68’s to be broken and see higher prices back to test the monthly pivot.
RUT – Setting up nicely for a flat – A-B-12345 which is a reversal structure to 1263 and the monthly pivot.
CL – Finishing a flat with the possibility of a marginal new high before we see lower prices and 49’s for a significant turn. Watch the Pit open thi morning for clues.
DX – Testing a key pivot this morning and we may not have finished wave C of the triangle – so higher prices in store if support at the pivot holds. If we break support, look to complete wave D at 94.20’s.
A question was asked about the cloudiness of the video – they are all HD quality and you must make sure in the bottom right corner of the viewer that the HD button in on. It also takes Vimeo a few minutes to covert the video to HD after I post it.
Have a GREAT WEEKEND. 🙂