Monday, 7 October 2013

Emini S & P + E mini Dow continued... Is this a long entry area 1665-1670 ES Z13?

Here is the supporting green UMLP as per previous post

Using our proprietary " FNL" Pitchfork we draw this upsloping blue FNL PF plus its reaction lines. The PF's seen above can also still be seen but as thinner lines.

Now look at a more detailed chart using MT4 showing the .618 Fib level below plus the centre line objective for the downsloping blue PF ( seen below) which is about at 1645.
This current area is critical. A break below this area would mean a retest of 1650. I have no long position yet but either we are going to blow out the ascending pattern and go lower or we hold here. We wait for the opening and the dust to settle.

The irony here is that YMZ13 has reached the centre line of the equivalent downsloping black fork (seen in the chart above as blue).

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