Thursday

Dax Correction

Post a Comment May 21, 2009 – 8:38 am |   | Permalink |  Print This Post |

Our target for a turn on 19-20th May 2009 (ie now) after a double peak so far seems to be proving right. Markets are diving as I type - the FTSE is down 2.4% (4364) whilst the Dax is down (only 1.65%) at 4952. Is this a pure down night with no last minute reversals? It is hard to be certain - our indicators suggest a big move is upon us. As all seasoned traders know, this Casino never fails to surprise us - keeping their cards close to its chest at all times. The spike up to 5045 (Dax) is highly suggestive of the “last push up” before turning down - that together with our earlier assessment of a turn on 19-20th May seem to fit nicely. Our plan is to sit tight for now.