Some of my readers will recognize my previous work from the Reversion to the Unified Mean (RUM) Wave blog. I wrote it in relative anonymity for a couple years. That work can now be found here.
Today's action was a non-event. Everyone is just waiting to see what happens with the Fed and ECB this week. A speculative rally might hit tomorrow, but that will send the daily scores into the red. Below we can see how the 4 hr score is at the point at which it has traditionally pulled back.
The 4 hr candlesticks are showing some signs of consolidation. The Slow Stochastic, %B, and RSI all favor a temporary decline.
For the daily chart above, I changed the candlesticks to a traditional depiction versus the Heikin Ashi ones I usually post. I changed it today to display what may be a tweezers top. Such a signal would indicate a trend reversal.
Overall, I will keep my positions where they are. There is the slight chance of an ECB inspired push to ridiculously overbought levels and the RumWave is still showing a positive trend for the next week or two.
Best of luck tomorrow!