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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj


Friday 12 March 2010

Cocoa/Dax



Cocoa looks to be in a weak position with a head and shoulder top ,sitting below 50% and the rising 2x1 line.I put a 2 day swing chart overlay on the first chart to filter out the noise.
There is a possible bullish wedge interpretation and a 3 month cycle from the high coming in on Monday,so stops in order if the wedge pattern (not shown) were to break.

I can't post intraday charts but think the Dax may be in wave 5 of the last wave in an expanding diagonal,targetting 5990-6020.Current price is 5975.I may be completely off-beam here but I would definitely be watching for possible reversal patterns on the daily chart.Same would apply in other markets.1150 is the January high in the S&P.Any failed attempt to push higher followed by a reverse could indicate a top.

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