Saturday, November 12, 2011

Weekend Thoughts

Another View of the Triangle
Here's another way to count the "triangle" but does the 50 day EMA, RSI and MACD support this view? Hmmm...So the one below may still be the one to watch.


Triangle



ALTERNATE 1

Here's a variation on alternate 1 that assumes a very bullish move is in store for Monday. If this count plays out, the market should rally up out of the base channel and follow the green acceleration channel higher.

McClellan Breadth Thrust
Could the breadth thrust continue to provide the momentum to support Alternate 1 above? The McClellan respected a trend line of support and broke thru one of resistance.

The daily MACD histograms may be pointing towards a turn higher. We shall see. .

Weekly MAs

The market continues to find support at the 13 week EMA which is still above the 80 week SMA and the 150 week SMA is turning higher.
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