cyclic's - letting the madness out thursday, page-7

Nice work as always BD.

"How does TA explain the overnight rise? Not being anti TA, just very curious."

I could list quite a few things that would explain it, but I've only got time for two before bed.

First up is a completion of the right hand shoulder (RHS) of the Inverse H&S pattern.

Second is what I posted earlier today, we are at point where the market could break upwards or bounce downwards and as I said earlier my bias is upwards due to the oversold nature of the RSI's and the diminishing volumes at the lows that look like selling exhaustion. The trend line that we should break tomorrow is a fairly strong one and it should give us quite a good run should it successfully break.

I might add that if chart number 1 completes the right shoulder then the target becomes 4700-4800. Is this bullish enough for you mate? :)

We can't really get too far ahead of ourselves though as it has not completed yet but you get the picture, first target = 4300.

Happy Trading...