Short Term Price Pulse 20 Jan 11

     Evidence is building that; 1) the entire move from the late November low is an undivided alpha pulse on the daily chart, and 2) that alpha pulse is now complete. The complication from the price pulse perspective is that a "sell" signal can not be generated right now on the daily price pulse chart unless we break the late November low. This means that the weekly chart may be the leading indicator rather than the daily chart.
     One method to watch the daily chart more closely is to see if we can close below the TD Reference close which is shown by the horizontal purple line at 1274.57.
     Let's see how the weekly bar ends up today. Remember that the trendline shown above is distorted because it is built on the weekly chart and these are daily bars. The intermediate price pulse beta - x trendline sits at 1272.97 - close to the daily TD reference close.