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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