Dislikedit definitely looks like their timetables are tied to pa, doesn't it?
btw, sisse, i'm looking at the weekly right now... after last weeks candle, we're close to the closing price of the last but one week. i wonder how much of a drop is still just a retracement of last week, and from what point on we are talking about a resumption.Ignored
1. Last week is a textbook rejection candle and when it happens in the weeklies is a powerful sign.
2. However the rejection happened 1 week after the last weekly broken R 1.330x was broken back. This, from a strict TA, will most of the time lead to at least a test of next S (1.265x)
3. The rejection candle is rejection of last week bar and not a rejection of a swing low (in other words not a rejection of S) which gives a screaming warning signal to not get suck in to the long side until price close down and come back up again or until consolidate in last 2 week lows and form a new confirmed S.
4. Look how this massive rejection candle on the week May 17 failed which coincidentally was +/- under the same circumstance: debt crisis, potential Spain contagion, fear, panic sell, ECB intervention, massive rejection, rumours of QE2 started, 2 weeks after last push down with new rejection but this time rejecting a swing low (a support). [edit: which was the actual valid long trade from the weekly chart]
We'll see
Pending conversations? PM for a chat...I am mainly in OTM now
