This COMP chart does not look too good:
stockcharts.com[r,a]dacaynay[dc][pd20,2!c50!c20!f][ili10,10!lh5,5!lp14,3,3!lb14][j8629806,y]&listNum=10
A few points:
(1) 1367 DB support breached
(2) DB on Slow Sto
(3) Full Sto still above 10
(4) RSI poiting towards 30
(5) close below 50 ema
Overall, even with MaxPain limiting short-term downside, lower BB at 1345 is fair game now. BTW, Zeev is still fully invested with the new "line in the sand" at 1347 (blue line on the above chart at the Sep 02 high):
investorshub.com
In retrospect, I still think that it was a good odds bet that the 12/9 bottom at COMP 1367 (at 50 ema) might have held. However, the unexpected breakout in Gold above $330 the last two days:
stockcharts.com[r,a]dacaynay[dc][pd20,2!c50!c20!f][iLi10,10!Lh5,5!Lp14,3,3!Lb14]&pref=G
and related breakout above upper BB on XAU:
stockcharts.com[r,a]dacaynay[dc][pd20,2!c50!c20!f][iLi10,10!Lh5,5!Lp14,3,3!Lb14]&pref=G
connected to the USD drop meant that geopolitics trumped other factors. Something similar happened in Nov/Dec 2000 related to election uncertainty. |
