actio-et-reactio
Balance is but a brief transition between extremes.
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Thursday, November 20, 2003
Thursday, 20 Nov
The intraday price action was very turbulent today, and somewhat hidden by the Daily and 65m price charts, shown below updated with today's candles. I anticipated up action, but I didn't anticipate a close past a critical low as it did.
I am less bullish at this point, but speaking purely technically (*), there are STILL potential positive reversal indications. This very vexing rsi positive reversal is still in play, or perhaps better said, not dead. A reversal on the 65m keeps it in play and break of SPX 1018 on daily kills it.
This price congestion in the .382-.707 fib zone is best seen on the
135m ES chart, where prior gaps are indicated. Interesting stuff. There are also good "gap lessons" to be learned by studying
this NDX 2001 gap classic.
(*) I say purely technically because there is a gut sense of further price erosion.
Labels: chart-analysis
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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