Hilbert Sine Wave Cyclical Low Approaching (Emini weekly)
We've been waiting for a cyclical top and the pull-back in down trend to finish – see Friday's post on the Buying Climax. Today's action suggests this top is in and we're going to start testing the 1,340 lows.
I still remain bullish medium term and don't think this down leg will be too strong:
- Commitment of Traders Oscillator is in the Buy zone
- Bond market is down but not heavily
- US Dollar versus Japanese Yen is holding up (although close to a cyclical top)
However, the only "fly in the ointment" is that the cyclical low on a weekly chart still looks some ways off – see chart above.
Got a nice Short entry that caught the top just before the market opened. Thought these charts showing the Better Sine Wave on multiple time frames might be of interest – volume indicator confirmation is not shown. This is one of my favorite patterns.
Hilbert Sine Wave Cyclical Top in Highest Time Frame (Emini 2,097 ticks)
Coincides with "End of Trend" in Lowest Time Frame (Emini 233 tick)
Good luck with your Emini trading.