Monday, June 28, 2010

Holding on

This is the same chart from last week just with updated price levels. As you can see bulls are trying their best to protect the channel, we are RIGHT SMACK at the bottom of this so important triangle here. If you close up on the last 3 days you can see how important the current price levels have become and how the market MUST make a decision - are we going to give up this price vector or do we have protection from the previous uptrend still. As you can see the parallel lines are supporting the market in the same advance price structure as the past year BUT it needs to happen here and now.

Take a look at MACD divergence here - what are the chances of going positive again after having come down to zero from a positive range. Very low. And you all know how MACD is my most important indicator for longer term charts. MACD will almost never stay at zero, combine that with the monthly spinner we are about to form you all know what that means. A STRONG price range going into next month.

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