Thursday, 3 May 2012

EP M12...I don't like the look of this at all!

 All eyes are on a new intraday low taking out first 1391 and then 1389.25 ( June12).. What a spectacular and rather sad end to current hopes of getting a close over 1400. How far back will we go? Is this just a period of consolidation with support at 1380-85 or is this a new game ?? ( see the RL arrowed...what a peach !!)

Here the culprit I believe can be seen below in the 240 min chart in the form of a reaction line seen in thick dark red going form top left to lower middle right centre. (the thin dashed line above and parallel to it is it's location on arithmetic scaling and the thicker version is the log location)

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