Bullish Progress

August 13, 2014

While we wait on a declining trend line break to signal a new daily cycle, stocks delivered more signals of a new daily cycle.

http://postimg.org/image/6ng7vlp75/

Regaining the 10 MA and printing a bullish TSI zero line crossover both help to confirm a new daily cycle.

http://postimg.org/image/mxsm962iv/

Stocks also have formed a weekly swing low. Since stocks are on the outer edge of its timing band for an intermediate cycle low, this weekly swing low has good odds of marking the intermediate cycle low. And following a right translated weekly cycle our expectation is to see stocks print a higher weekly cycle high.

http://postimg.org/image/6v3us405t/

The Miners printed a higher high on Wedneday, day 6. A break above the upper trend line delivers a bullish resolution to this consolidation. Rejection here could lead to a left translated, failed daily cycle

2 responses to “Bullish Progress”

mika. (@mika2k1)

August 13, 2014

Looking at Gold, the Dollar, the Euro, even the SPX, they all seem to be in a holding pattern..
I couldn’t understand why; what were they waiting for?
Then this came to my attention: https://www.tradingview.com/x/tDUqe1fg/
And this: https://www.tradingview.com/x/py4PbA1M/
They were waiting for oil to bottom!
Oil is the trigger! It will sink the SPX and lead Gold higher.

Reply
1. mika. (@mika2k1)
  
  August 14, 2014
  
  A VERY ugly monster day today for light crude.. But,.. it is this kind of extension that leads to a nice hammer bottom. Now we need to wait and see what candle will print at week’s ends.
  
  $CL1! chart
  https://www.tradingview.com/x/LCezUAIf/
  
  Reply

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