Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Wednesday, May 14, 2008

US Market Crappola!


What a day today for US markets...Almost a perfect bull trap....Gap Up...Hold the gap till the last 45 mins and then sell off...Beautiful!

Now seriously speaking this is a bearish pattern that has formed today...There is also a wedge looming out there....Will it mark a significant top or is it just normal profit booking? I do not know for sure...But all the signs are there for a significant pullback to happen...

See chart above...I have indicated 2 important things here....First the obvious double top potential and the resistance line. The next one is volume - see how the volume came back today after a couple of low volume days - And see how quickly the downmove came...Its treacherous out there.

Overall today painted a bearish picture...We need to see if we get continuation.

Lets wait and watch..Will put up my Indian Market updates and some other articles soon.


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