Furthermore, the YM, ES, NQ & TF broke above their necklines of an IH&S formation on their 4-hour charts as shown on the chartgrid below. We'll see whether price can hold above the necklines or not.
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Friday, May 27, 2011
Blue Triangle Apex and IH&S Neckline Breaks...
In Thursday night's after-hours action, the TF nearly hit the Blue Triangle Apex on my 4-hour chart below in a continued rally from its low of 800.50 set on Tuesday this week. The Apex level is at 835.80...price has also been swirling around this level since March 30 (it was a former Fibonacci confluence zone) and seems to be acting as a magnet. The 200sma (pink) and a 50% retracement level from the 872.00 high to the 800.50 low are also in the immediate vicinity of this level. The Apex level of 835.80 seems to be the "battle zone" between the bulls and bears...further confirmation is required to determine who will win.