Monday, March 14, 2011
Keep an eye on copper too.
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.
Right at the bottom of that channel with a pretty decent corrective count that may be complete.
60 Min PrimaryI'm going to say minute  is done for now but keeping an eye on two wedge formations; the one above and the wildcard down below.
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.
The bears need to bring it tomorrow if the nested 1-2 down is to play out.