Emini Trading Update – Thursday 24 Mar 2011 (4:54)
For me, today felt like a blow off move. We’ve now had our “Pull Back” and “End of Trend” sequence on the 4,500 tick chart. So tomorrow, initially at least, we should range trade between cyclical turns on the 4,500 tick chart.
After that, will we break down? Better Sine Wave on the daily chart is still a day or two away from a turn. We’ve got the weekend and the Pros could favor creating a positive mood so they can take your money on Monday. We’ve also seen exhaustion buying on the higher time frames, but not divergence patterns yet.
So, all-in-all, I see us topping out but it’s likely to take a day or two.
Then at the end of the day I see this from Zero Hedge. Not the kind of thing I expect from Zero Hedge. They’re about good research not rumours planted by hedge funds. If next Friday we’re below 1,300 they should take a long hard look at themselves.
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