Wednesday, March 4, 2009

"The Bull is Up Off the Floor. What Next?"

"I'm all beat up, but I'm back in action."
2D, 5m. - Mar 4 - Fibonacci retracements of high/low of last two days are shown.  The Gold Spot highlights the 61% line which when breached frequently means a reversal of trend.  As the day played out that is what we got.  There was profit taking at the end of the session.  Tomorrow will be interesting to see if the Bulls can support this Bear Market Rally.
5D, 30m. - Mar. 4 - The market moved through the 20 & 30 day moving averages.  The Bull must be confirmed on the 60 minute time frame.  See Gold Spot.
10D, 60m. - Mar. 4 - The Bull Potato has not yet been confirmed on the 60 min. chart.
3M, Daily - Mar. 4 - The Trend is down.  The move today is just a blip in the larger scale of the market.  A lot of work needs to be done to get things turned around.