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

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

Tuesday, 23 February 2010

Lower top ?

Weakness in the markets this morning may be producing a lower top.On the Dax for instance we have a lower low than yesterday,turning the 1 day swing chart line down.
The first range down,which was 5 waves on the hourly chart,was 661 points.There was a swing high at 5733 (wave 4?) followed by a decline (w5?) to 5433 and a 3 wave rally to a high of 5743 yesterday.Thus a possible double top (5733 and 5743) The 50% retracement of the decline was 5763,so a double top below this important level would be significant.We are also below the 50% level of the 3rd bull section (5703) (These prices refer to the cash index.The charts I sometimes post are nearest future so there may be a slight difference in the levels)

No comments:

Post a Comment