We continued on our bearish divergence and now CCI(20) is breaking 100. You really see the momentum building up in this chart for a trend change. Also, you can see we have plenty of room to go down for a longer-term trade. If everything works out correctly, CCI (20) will break -100 and I will exit before it breaks -100 again. I will use the 30/60 minute charts to exact the exit while the Daily chart gives me an idea of how much potential I have for profits. For more information on this CCI concept look to the right links on the Divergence trade of 3's, more specifically "Indicators with different time-frames" Here is the daily:
Below we see the 60 minute chart:
Below you have the 30 minute chart. We got a double whammy going on with the 20 Day Moving Average and the dreaded 1132 support area. I would be surprised if we break through this tomorrow, but I've seen crazier things. I'm expecting some kind of right shoulder to form here we another stab at the 1132 line. If broken, look for the 200/150 MA's then the gap to be filled bellow the MA's with a back test at the 1120~ish area then we head down with a strong wave 3/C wave to the Fibs, shown in the 60 minute chart.