The point and figure as usual most accurately and simply predicted the trend. Count across 850 of 10 measures to this area as does the count of 5 across 890. On the pnf we are in an upthrust position with a count just about achieved.
The market made a new high for the year on lackluster volume. Either selling is totally exhausted and we will move up easily or demand is exhausted and the end is nigh for this correction.
The second bar today was probably climactic for this small upwave with high volume and a decreased range. After this bar the market floated to a high on diminished volume. No large volume wide range price declines on the hourly.
The intraday shows how demand disappeared after the first 60 minutes and the market just floated higher. The only volume until the last hour were selling drives and volume spikes at tops. The market was supported three times today and we ended with a possible change of trend as the index made a lower low at c and a lower high at d. For this to come to fruition the market needs a sharp decline. If not there will be more distribution higher.
The point and figure as usual most accurately and simply predicted the trend. Count across 850 of 10 measures to this area as does the count of 5 across 890. On the pnf we are in an upthrust position with a count just about achieved.
The market made a new high for the year on lackluster volume. Either selling is totally exhausted and we will move up easily or demand is exhausted and the end is nigh for this correction.
The second bar today was probably climactic for this small upwave with high volume and a decreased range. After this bar the market floated to a high on diminished volume. No large volume wide range price declines on the hourly.
The intraday shows how demand disappeared after the first 60 minutes and the market just floated higher. The only volume until the last hour were selling drives and volume spikes at tops. The market was supported three times today and we ended with a possible change of trend as the index made a lower low at c and a lower high at d. For this to come to fruition the market needs a sharp decline. If not there will be more distribution higher.
