Good Morning – Today is series S2L IFFY and the lean is up. At the end of each day I review the day using a 3 min candle chart. I am especially diligent on S1 days becuase it impacts the next 3 days. I began writing these commentaries over 13 years ago as ‘baton pass’ to my partner in England to give him a jump start in the overnight Globex session and then forwarded them to a coterie of friends the next morning. My partner wanted a LEAN opinion regardless of ‘iffiness’ because even if WRONG then that information would give him contrast value. THE POINT:
Over the next 7 years there were 4 or 5 occasions when the call was so close that I flat out let STEVE D. /REX VULGARIS know it was simply too muddy TO CALL. Last night I wrote a good friend after my review this: “FV -1.06 ….LEAN S2L IFFY, IF THERE WERE A DAY WHEN I WOULD NOT ASSIGN A LEAN this was one. I have done that only 4 or 5 times in 13 years and this is as close as it gets on doing it again…….DAILY PIVOT 2181.2, WEEKLY PIVOT 2172.2 ..beige book 2 p.m.”… This begs the question: “WHY”?
The answer is twofold. Primarily it is 3:17 low, a perfection low for a last hour low which would make today S2H. Secondarily it is a contextual issue based upon the initial reaction to the NFP release on a technical analysis basis and a short interchange with Mark W. in real time later Friday morning. SEE THE 3 MIN cash CHARTS. Mark opined that his work often resulted in a move higher during the drop from the 10 a.m. high. I concurred basis a TICK indicator. That indicator became extremely overbought at 9:46 a.m. and signifies a momentum high that sets up a HIGHER PRICE HIGH downstream and indicator divergence downstream when the HIGHER PRICE HIGH OCCURS. I also supported this using EW counts in so far as the High friday counted best as a 5 wave move not a 3 wave move and was a dominant reason the RED B higher high or wave five in the GREY BOX was still expected to be a higher price. WHAT IN BLUE BLAZES DOES ALL THIS HAVE TO DO WITH TODAY???
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The post Blount’s Numbahs Wednesday: The Lean is Up appeared first on MrTopStep.com.