OPHR went a bit lower on an intraday basis than I anticipated but is closed above the channel support two days running after testing it and then gapped up in Friday.The main RSI trendline came into play again too so this looks good for a test of the immediate resistances at 375p and then 414p. Original link...

Thursday's hammer at a key support level was confirmed on Friday by the upward move and the test of the previous support.It does need to close above this 68/69p level to make me feel more comfortable that further gains should follow though so I've still got my stops just below the hammer low of 63p as it could just have been backtesting the breakdown on Friday. Original link...

I'm going to continue to use this 4 hour chart until it stops being useful as a way to see what's going on just because it has twice as much detail as the daily chart and we're looking at relatively short term moves.I've put on here a possible count for this move down from 166p. I've labelled the count based on EWT rules allowing for crossovers and wave patterns. Having done this, it then seems to look more like a corrective wave than anything else. That would make it part of a wave 2 down rather than the wave 5 of C previously discussed. If so, then we ought to be in the final sequence of that (which would be wave c of 2 and should have 5 mini subwaves within it) and it points, again, towards that target area of 137-141p. There could be alternatives to this so I'm...

Today marked a higher low in the Dow Jones at the 78.6% Fib which could possibly signal that 14844 a few days ago was the bottom of the correction.I can't be sure of this yet, but based on the FTSE and S&P's charts it seems likely. In order to confirm this there now needs to be a break above 15300 to form a higher high and that will be our cue to go long. WIde stops would be needed however as volatility is very high in the indices now so we must be very careful as Original link...

A very simple chart today for the S&P500. It hit the uptrend support from the Nov lows again today at 1608 and a strong rise saw it find resistance at the short term downtrend.A break of either of these ought to signal further moves in the relevant direction. Note also that today formed a bullish engulfing candle so I favour the upside here after a retrace to half way down today's candle. Original link...