Monday, October 22, 2012

Week 43

Hello there!

Today was the first trading day of the USD-Denominated Ibovespa Futures $IBV_F on GLOBEX. Really usefull if you want to track brazilian markets!

Last week I posted a break out of a 7 days range wich made me think that our market was going up. It actually did that move up but in the end of the week it started reverting.

What I'm seeing today?

As the chart is showing, market is forming an ABCD movement and Fibonacci is targeting the 55,400 as the D point.

If you take a look to the MACD indicator you'll see that it's also doing lower highs and probably lower lows.

Enough said. We are going lower in my opinion.

And you? Are you bullish or bearish this week?

Have a nice trade!

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