Price is pushing the weekly bolly band here hard with negative divergence on the daily SMI. Price has pushed past D9 having apparently backtested D10 on the 16th November but where is it going? The sequential targets are either D8 or D10 and both of these are not northbound. My-Wave is bullish here but no place to be going long me thinks. A failure of D9 is needed to get this truck moving downhill, so for now I am more focused on the Dow while D6 holds above. It maybe that the Dow and FTSE fall together of course.
The 8hr bollys are also being pushed hard here with a bullish My-Wave but the SMI clusters call for at least a softening of prices near term. Definitely no place to chase buses uphill for me. The forecaster seems to be suggesting there is another momentum push coming after a drop which may be the approach to D1 unfolding - double top perhaps? D1, D2 & D3 all sit at 5950 currently, so maybe matters get clearer there. It looks like a top is building for midday Tuesday.
So bullish intra-day my-Wave in need of some bearish attention to get matters moving southbound. Same as the Dow in needing My-Wave to turn down, D1 to crack, etc etc. Be interesting to see what the early week brings.
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