Sunday, December 18, 2011

121811

The US$ is attempting to make a bullish breakout on both the yearly and quarterly profiles.  The bulls are in control of the market on the month and have confirmed an uptrend suggesting to buy the 1st retracement.  The weekly profile failed to confirm an uptrend and we expect a pullback to the ZT pivot 79.785 area we will look for support in that area for buy setups on the monthly profile.   http://youtu.be/-k2-mbtLIX4

The Emini Russell has opened tonight inside the persistence zone on the weekly profile, telling us there is no control bias and the bulls and bears will be fighting for control of the market on the week.  This should lead to a spike in volatility and some manipulation from large speculators as they will attempt to push prices as far as possible in the opposite direction of the current change at hand.  We will be keying off the Monthly Profile tomorrow looking to see if it fails to confirm a downtrend on the month or not keying off the close of the current candle in relationship to the high and low of the prior.


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