Monday, March 14, 2011

3/14/11 - EOD Update


Keep an eye on copper too.

EOD Update

The 13 week EMA provided support again, however, the daily closed under the 50 day SMA. On the 15-60 min timeframes, MACD did form a double positive divergence, so tomorrow will tell us more what is going on.

Daily Primary

Right at the bottom of that channel with a pretty decent corrective count that may be complete.

60 Min Primary
I'm going to say minute [4] is done for now but keeping an eye on two wedge formations; the one above and the wildcard down below.


3 Min

For the primary, a nested 1-2 formed off the bottom. I know I have it labeled as the ALT but as I was labeling this real time I didn't have a chance to go back and change the labels. (It's a lot of work!). Anyway, there's a clear level identified to rule out the nested 1-2 up so I'll keep an eye on it.

Channel

Wildcard



Bear Option

The bears need to bring it tomorrow if the nested 1-2 down is to play out.


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