Last Friday's post showed the TRIN Indicator and other oscillators were overbought and had turned down. The Better TRIN System had signaled Short and the uptrend lost momentum. Well this week the Emini has fallen from 925 to the 880 level.
Volume Pattern: Low Volume Up Day (Emini daily)
Thursday was a Low Volume Up Day. This volume pattern is typically a good place to look for another Short entry in a new downtrend. However, it looks like we might test the 920 level before the downtrend resumes.
Hilbert Sine Wave Cyclical Turning Point (Emini 135 minute)
The Hilbert Sine Wave has formed a PullBack cyclical low turning point on the 135 minute Emini chart. Trends typically complete with a PullBack followed by an End of Trend signal – unless the downtrend is strong and the PullBack level gets broken.
Better TRIN System (Emini daily)
Meanwhile, we've taken profits on the Better TRIN System. The last Short trade ended with a 17.50 point gain, or $875 per contract traded. Good luck with your Emini trading.