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Bonds:
Yesterday's monthly close was rather interesting and could be a clue that points to the end of the bondcorrection.
On a monthly basis:
1 The September Candlestick was a Bearish Engulfing patern, indicating lower prices
2 on the close of Oct 30 we were 5/32s from establishing a BULLISH engulfing candlestick the next day (31th)
In such a case we would have had a failure, probably producing a powerful rise.
This did not materialize however. We fell to 99.27 ISO rising to 100.15 and the indication of theB earish September pattern is still in force.
The power was not there to produce higher prices.
What is further interesting is the massive resistance in the 100 area (round figure and rejected twice before -93 and -95):
We are at the 50% retracement point of the decline from the oct 98 top + two other fib projections.
We are also at the middle line of an Andrews Pitchfork, displaced 50%, generating resistance.
we are also testing the rising XYZ trend line from from below, after the break at "y" medio 1999
A Gann Fan line also acts a resistance.
And finally we see a Hidden divergence to the Oct 98 top indicating lower prices.
TIMEWISE:
As can be seen we have several fib coincidences at the Aug (CLOSE) top (in contrast to the oct HIGH top, which now could be considered a failure, hence lower prices to follow.)
More...
stig
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