Open to Open & Close to Close for direction change
|December 15th, 2012, 06:59 PM||#11 (permalink)|
The fun is in the numbers
Point Roberts, WA, USA
Futures Experience: Advanced
Platform: IB and free NT
Favorite Futures: ES
Posts: 2,140 since Dec 2010
Thanks: 693 given, 938 received
Day 5 downwards wedge following a downwards megaphone
Yesterday, Thursday 13 Dec 2012, we had a downwards Downwards Megaphone and speculated it might give us a strong downday on Friday. It did we the high 12.50 points lower and the low 4.25 pts lower. Being Friday (often narrow range and choppy) the range dropped from 15.75 to 7.50-which I see as a Friday factor and not so much a megaphone factor.
From Wednesday's high of 1438.75 to Friday's low of 1411.50 is a drop of 27.25pts. This was "foretold" a green megaphone for the FOMC peak and then with Red crossed swords and a downwards megaphone.
Today, Friday 14 Dec 2012 was a Downwards wedge. That might indicate a lower day on Monday 17 Dec with perhaps a bottom early and a rise later (or basing later), checkmark" or "Lazy L" day.
(Numbers are still Dec 12 ES contract - I do my roll-over on Monday)