Wednesday, March 23, 2011

Update SP / CL / NG

SP 's have yet to produce much in the way of 5 wave counts, up OR down. I suspect it's going to keep us in suspense a while longer.

Hourly
 click to enlarge
Slight negative RSI divergence at the high as well as this mornings lows.
The move up , while overlapping the previous 1st wave at 1292.50, can still turn out to be the -2- of a 1,2, -1-, -2- structure. 

Crude is looking to challenge the 107  spot mo. high , made a bit easier by the roll . On the other hand the move down off the highs does have a look of 5 down and the move up the last few days still looks kinda like an abc...so maybe further consolidation under the highs?
 click to enlarge
Note the repeated negative divergence on the 14 RSI.
There is a near c=.618 of a.

Natty is starting to put in impulse wave structures on the upside, as discussed in the previous post
Natty Rebound .
"It would be very constructive for NG to hold the 50% retrace and put in new highs, giving a definitive 5 wave structure and crossing over those mov avg's. Overhead the gap and 50% retrace at 4.31" DONE.
 daily
click to enlarge
Note the Mov. Avg. crosses and lack of any negative divergence on the 14 RSI.. closing of said gap and tagging the 50% retrace point.
A little consolidation would be in order here.
Hourly
There is slight negative divergence on the 14 RSI looking back. That .382 retrace ought to get  a test.
P.S. there was SOME decline in the spec short open interest last week, about 5%. Lots more where that came from.






No comments:

Post a Comment