Dilernia Principle:- 2 timeframe wave pattern towards the Channel lows from the crossover...Breakout of January (Crash pattern) and move down into March lows.....
"And with our market hitting the March lows yesterday and bouncing, this probably looks like the we are close to hitting a bottom in this Quarterly timeframe, and hopefully markets begin a rise upwards in the new Quarter, helped with a rise of March contract Expiry this week."....Yesterday's morning report
Now looking for a rotation back towards the April 50% levels.....
SPI Daily and intra-day.....
Monday was about trading down into the March lows, and Tuesday was about trading up from lower spiral points, with the expectation that the bottom had been set by Monday's trading.
Today:- higher daily open and expectation that the market will come down and fade back into the 5-day 50% levels (44 points down)
We have seen constantly over the past few weeks, that any higher open and price trading above the 5-day 50% levels, the market will just continue lower.
There was only a brief trading period in late January that on both occassions when the market opened above the 5-day 50% level there was a rally into the 5-day highs. (both Friday's)
Today will be interesting because after the gap closure down, traders should have a fair idea about the direction of the market and whether the market will begin a move back towards the 5-day highs and Weekly 50% level.
My trend risk for today is 5205
Note: In the Banking 'stock report' I mentioned that my trading position on CBA will be exitted @ 42.40, I have moved that upwards to $43.90.
Other banking stocks exit zones on trading positions will remain as last report.
I was hoping there was going to be more weakness in CBA this week so I could enter a 3rd lot around $35.40, but I don't think that's going to happen.
http://aussie-stocks.blogspot.com/2008/03/banking-stocks-15th-march-2008.html
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