Monday, August 24, 2009

More bullish fib fans (counterpoint)

And here is a re-draw of ES with more bullish fib fans, not indicating a trend change.

The key will be if 1016 and 1007 support hold in the ES.

One problem with the bear fib fan break (in the posting below this one) is that the slope of the fans is so steep, that one could easily argue that the trend is just slowing. A 45 degree slope would be normal, those fib fans are steeper. A low slope will indicate exhaustion however and generally the end of the trend.



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