Tuesday, February 8, 2011

comments and outlook 02-09

I was asked about EW.  I don't really do EW, but here is my KISS (Keep It Simple Stupid) version of an EW chart:

As you can see per EW we near a critical point ( 2 X March 09 low) or a FIB of 1.00.  Which supports my cycle analysis that this week could well mark a turn and we could even end the week lower.

Looks like strength in the AM and fade in the PM.  Keep in mind if the longer cycles kick in you can forget what these short cycles indicate.  Here is a short term cycle chart:

GL traders.  Be sure to maintain stops and do your own analysis.  

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