Friday 13 July 2007

Major Top Being Made?

Yes, I guess the bulls had one more run in them! I think this is their last gasp though as the momentum of this run is ugly. Note the top momentum indicator that is well below its peak even with price at a new high. The "sell" signal will come if/when the indicator next turns down while still below the previous peak.

Perhaps more worrying is the second indicator with the blue arrow. Note that this tool is failing to confirm the first indicator's most immediate move up.

Minimum requirements for five waves up are now in place. The next couple of trading days will be of utmost importance.

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