4 hour chart shows a classic bullish set-up, either a serious headfake towards support or solid upside towards resistance zones. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1678520>
It´s always funny to watch London desks running for some lousy stops and closing gaps...Yawn... Long FDAX 7769 and buying more...
There is a descending triangle starting back on 9th, which on its own is technical bearish factor, but MACD, so far, is in upward jigsaw. There is still over a 100 point range within the triangle, so we are not near the apex meaning range is still possible before a breakout occurs. If I was trading an intraday triangle, then I would be considering something like a 10 minute chart's histogram to point direction near the apex, but this is a congestion area which is multi day. Anyway, I am a bit confused right now, will take some time off and re-analyse charts with a fresh mindset, sometimes when stare at screen for a long time start seeing things that are not really there.
Majority of market players is expecting weak Q4 growth in U.S. and almost every "expert" forecasting credit crunch to have "severe" impact on broader economy... BUT ! What is going to happen in Q1 2008 ? The picture all these so called experts want to paint is "recession" scenario, because they are smarter then FED is. Don´t fight the FED ! FED is telling you : no recession ! I agree. Global growth at 4.8 % rate. That´s recessionary ???? Keep my longs and don´t waste my time with what ceratin market players want to make you to "believe" !