Market update - May 13th '09

Nice bounce on the 60mins stall level, typical of a fast move all the way from strong resistance level around 922.
One could have anticipated it to be stopped around 906 (MM+Fib) but volatility was strong enough to take it to the next Fib level. Will it even reach 915 now?

906 is a pivot level, i.e. prices can bounce on that level at least momentarily, but the drifting down should then resume anyhow.

We can also take 500 as a reference price on TF. If not broken, selling should pick up speed (see channel forming on 60mins chart)


( posted 7 AM UK )



Reference on MM:

http://ts-trading-technique.blogspot.com/2007/11/murreymath-gann-more-details.html
http://ts-trading-technique.blogspot.com/2008/09/few-words-on-mm-stall-level.html