I’ve been holding off updating my last US$ analysis until I was more certain that a low for my projected Wave 3 was in place, and I think that is pretty likely with this week’s close. My last analysis was done on September 8th when I thought that we had just completed the Wave 2 lower in what I was predicting to be a 3-wave move … that analysis turned out to be pretty accurate (click here). Here are the US$ monthly and weekly charts I posted back on September 8th. Continue reading
I always try to get a sense of what type of day it is possibly going to be well before the start to the start of the regular cash trading session. Today it looks like the NASDQ will be the kind of market where it will be ok to try and fade any push to new highs after the opening.
NASDQ Futures Contract (NQ) – 7 & 12 Vision Renko Charts
The bigger time frame charts are in a nice bullish trending position … we have now recorded a negative divergence signal on the 12 Renko chart, and we have pushed above the 1.0x Standard Deviation level on price momentum for the 7 Renko chart. To me that 6617.50 level is likely going to be the high for today and probably for the rest of the week. To me that means it will make more sense to try and look for short entries intra-day today and possibly tomorrow. Longs will probably only work on larger oversold intra-day signals …
NASDQ Futures Contract (NQ) – 2 Vision Renko Chart
The 2 Renko chart painted some dark blue candles with pink divergence dots … this is another good sign that the pre-cash session highs are likely the high for today.
Cheers … Leaf_West