Hilbert Sine Wave (Emini 135 min)
The Emini closed up 12.00 points at 1,417.50 on Thursday. Pullback on lower volume today and a cyclical top approaching on the John Ehlers Hilbert Sine Wave. Volume on the Emini today was only 0.9 million contracts traded.
The chart above shows the Hilbert Sine Wave oscillator on 135 minute Emini bars. There are exactly three 135 minute bars in the trading day. The Sine Wave oscillator is about to make a cyclical top. This is usually the final leg of a trend move which I normally call a "complete" move.
The trend downward started last Monday 26 February 2007 with the break below support at 1,464 and shown with a white dot. These trend moves usually finish with a final thrust down signaled by a cyclical turn. It doesn't always work out this way – sometimes the market continues higher for a final exhaustion move. So let's see what happens tomorrow.
Good luck Emini trading.