Monday, May 9, 2011

3 Day T Invalidated

For the T presented in Friday's post to be valid, a peak in MFI should have occurred at its midpoint. We are in the vicinity of the midpoint and MFI is far from being near a peak. Also, the downward sloping OBV line was never broken to the upside. From this, I conclude that the S&P 500 is in the structure shown below. (The rally stopped at the .618 retracement.)

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