Welcome and thank you for visiting!

The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.


* If the dots don't connect, gather more dots until they do...or, just follow the $$$...





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Tuesday, May 24, 2011

YM, ES, NQ & TF in a Downside Wave 3?...

Although I'm officially on holidays, I happened to peek at the markets this morning and have noted the lack of interest/strength on the buying side of YM, ES, NQ & TF so far this week. In my post on May 15 (Fibs & Fibs) I outlined potential Fibonacci confluence zones to the upside and the downside for the TF. As a reminder I'm mentioning the downside confluence target again of 800ish. That level would complete a downside Wave 3 pattern and possibly provide interim support for a Wave 4 rally...however, should a Wave 5 pattern subsequently ensue, then the next support level of 760ish could be in the cards. The 4-hour chart below shows these levels.