Monday, June 28, 2010

If Those Triangles Break Down....

UPDATE 6/29 8:45am - Love posting something like that and waking up with the minis down 14 on China fears. LOL, who could have seen that coming, surely not a federal economist. It started at about 10 last night and was a steady fall till about 5 this AM when things leveled off. Failed bond in Europe ECB Reports Failed Sterilization Auction, Demand For Fixed Term Deposits Comes At 0.6 BTC is the real deal. We're waiting on one of those here Watching Alex churn up the toxic soup that was once the GoM this morning. I'll be here pretty much all day if.

OK, the report from the gulf will be juicy (from what I see there is no way in hell you would get me in that ocean no matter what the government stooges say). I'll try to have as many photos and first account stories as I can get. Also, I am going to have cocktails with a super renowned blogger tomorrow after the close. Can't wait to glean some knowledge.

The 30m charts and the triangle possibly breaking down do not look good, especially with the dailys still bearing down. The 60m look to be bottoming, but you know I hate the 60m charts. I have resided to following only the 30m charts as that seems to be the safest rout to play things these days. They never topped sufficiently this go round, but the MACD looks particularly nasty and a bear cross there is usually a great sell signal following those divergences. The RUT appears to be leading the way with the WLSH. RUT did not form nearly as clean a triangle as on the other major indexes (which can be seen in the 30m section of my chartbook - link on right). If that lower blue diagonal lets go look out. No, I did not move the target arrow, check it in below post.