Monday, September 12, 2011

Market Update

So far the 5 min charts are responding positively and adding to their positive divergences, the 10 min charts haven't moved much as of yet.

As far as being in a reversal area, whether we are at a bottom right here or not is hard to say intraday, but the general area being below the bear flag, creating a head fake is a pretty good spot and what I generally look for. We are going to see some upside / we are seeing some intraday upside fro the last positive divergence I posted, this volatility s common near support/resistance, such as the bear flag we broke below.

I'm going to try to stay patient here and see what else works out, but pinning the exact bottom is kind of a fool's game. We're in a decent area now, but I do want to see what happens around that resistance area of the flag.

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