Friday, March 13, 2009

"The Market is Trying Hard to Gain Traction"
2D, 5m. - Mar. 13 - Friday was a consolidation day (Gold Spot) required to absorb a solid week of market gain.  All price action remains above the 10D MA and the 4 Day Bull Potato is preserved going into the weekend.
5D, 30m. - Mar. 13 - Channel outlines the bullish move of the past week with two similar days of pause and consolidation.  The Bull Potato is well preserved with all action above the 10D MA.
20D, 60m. - Mar. 13 - Major Trend Reversal is seen with the Tangential Channels showing a new move to the upside.  The projection of the channel can function as a "Windsock" indicating where the market might go next week.  Of course changes in market direction may occur at any time.
3M, Daily - Mar. 13 - Longer Term Charts must always be kept in mind.  The change in direction is clear on this 3 Month chart and with each day there is greater crossover potential as the market moves in the upward direction.
"Technical Analysis is a Windsock, Not a Crystal Ball." - Carl Swenlin, Decision Point
10D, Hourly - Mar. 12 - Bull Potato Channel Projection for Friday, Mar. 13th.  No guarantees but this is the directional bias of the Swing Potato.