Channel Intact
Channel Intact
10:20am EDT: Last week’s channel remains intact and as suspected this little kabuki dance we just witnessed was nothing but a little gratuitous bear trap:
Good chance we’ll see 930 today.
10:37am EDT: Geronimo just scalped its 7th successful trade in succession 🙂
1:00pm EDT: Very tempting to go short here but I’m going to hold out for 930 – let me show you why:
The orange fib is the percentage of wave {v} in comparison with {1}. So, we busted slightly through 61.8 but if you are a Zero sub you can see that we are slightly below the zero mark right now – but no major negative reading either. Breadth on the SPX is 2:1 positive right now – on the NDX 2.6:1 positive. I don’t see any divergences and thus I must assume that we’ll churn around here for a little and bust higher into the close. BTW, who wants to back up the truck in this whipsaw anyway? 😉
1:42pm EDT: We’ve got quite a move in the USD/JPY today:
I was actually planning on going long this morning but then got distracted with blogging (damn!). Well, seems to me that 96 should pose some resistance – anyone trading those currencies (besides lovely Fujisan)?