Friday, 2 December 2011

At or near a top....

Markets are near or close to their tops. The movement from the lows of Friday the 25th is almost or near its end. SPX,DAX,MIB and CAC charts below show the supports that if broken, we are at least going to see a goood downward correction. I'm not sure yet if this up movement is a new impulsive wave or the last upward correction before a deep decline. Nevertheless If markets break support I will short them even if the decline is a correction. Eurusd does not follow the happiness that surrounds the rest of the markets. That makes me believe that the top is near. Spx futures have broken 1252 resistance and move towards next target of 1264. Extreme bullishness hide weakness, and vice versa. Better safe than sorry...placing stops must be a priority,specially during these volatile times.


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