Technical Analysis of the financial markets using Elliott Wave, Gann, Fibonacci, cycles and momentum indicators. Posted information is for educational purposes only and not a recommendation to buy or sell any stock. This site is dedicated to the study of technical analysis.
Thursday, 14 January 2010
Just Another Buying Opportunity?
Just a quick update today. The short moving average did hold the pullback on Wednesday and we did not confirm the TD Demand Line break. Demand once again came in to buy the pullback. It is because of the old adage "Don't fight the tape" that the trading system demands confirmations. We have not yet hit the criteria to short this market. Who knows .... if we keep rallying we might get a TD Combo 13 on the weekly chart Friday!
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