Friday May 24 - Reality check day, page-17

Hi @Vitallion ... Yep, those 5min crossover's today are yet again on another crossover(even another one since you last posted). When the market is "wishy-washy"(choppy) like now you must move out to the next "timeframe"(15mins? ) to get a better view of which "trend change signal" to follow(Buy or Sell) and one which to ignore.

Sell is the best side atm very short-term, especially if you look at a 30min or Hourly time frame. Both are on SELLs and without the "noise" that, say the 5min charts, are dragging the MA_day-traders thru.

A 15 min (CFD)SPI chart is still short(from the 6499.5 level) regardless of multiple breaches of the 26 ema. The Hourly chart has been short from just a few cents higher but under the 26 ema. In fact, the 9 ema seems to be 'capping' minor rallies ever since. In addition, SP action has broken the (red) uptrend line. The 4_Hourly chart, whilst still 'technically' long(still on +Ve crossover after its buy signal at 6269), is now also showing signs of weakness ... both MA's are sloping down . All good signals to which side you should be 'playing' this market at least in the Short_Term.

Now, as @Nick78 has pointed out, there seems to be support coming in near today's lows. My 4_hourly chart shows why(T.A. wise) ... We have that large GAP range, the  2.618% Fib(which also could be the neckline of an unfinished H n S's topping pattern with the RHS still to come) and the top of the(grey) upward sloping bullish channel line that we gapped out of on Monday.

However, As I pointed out in my last posting on this thread I felt there was still some 'unfinished' upside on this market (basis Fib ranges) looking further out and that is still the case or at least until we get back below 6198.5(on this market).

15min (CFD)SPI Chart ...


Hourly (CFD)SPI Chart ...



4_Hourly (CFD)SPI Chart...