Sunday, April 28, 2013 7:58:58 PM
MITK update...not much has changed since I last posted. The 2B Dragon pattern is still in effect, IMO.
$5 has presented a bit of resistance, but the 3rd attempt, which started last week should prove to be the charm that breaks the dragon's back (HUMP)...But much depends on the over-all markets. The e-mini futures serve as my proxy for them, so...
8-10 days ago, all three markets bullishly broke 5-wave descending wedge patterns and rallied nicely to the Brach Zone (BZ) retrace area. Each is dealing with the BZ resistance now, consolidating the gains...the ES and NQ beat their levels with the YM lagging somewhat...
I go under the assumption that prices usually break consolidation patterns in the direction they were going previously, so I'm still bullish near term and think we continue up within the next week or so...
The following charts are 2-hour bars showing most of this month's price action. There are some indicator divergences (regular and reverse) which is common while prices are consolidating, but they don't help much for forecasting direction...we have been going up and will continue to do so - until we don't!
$5 has presented a bit of resistance, but the 3rd attempt, which started last week should prove to be the charm that breaks the dragon's back (HUMP)...But much depends on the over-all markets. The e-mini futures serve as my proxy for them, so...
8-10 days ago, all three markets bullishly broke 5-wave descending wedge patterns and rallied nicely to the Brach Zone (BZ) retrace area. Each is dealing with the BZ resistance now, consolidating the gains...the ES and NQ beat their levels with the YM lagging somewhat...
I go under the assumption that prices usually break consolidation patterns in the direction they were going previously, so I'm still bullish near term and think we continue up within the next week or so...
The following charts are 2-hour bars showing most of this month's price action. There are some indicator divergences (regular and reverse) which is common while prices are consolidating, but they don't help much for forecasting direction...we have been going up and will continue to do so - until we don't!
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