Yesterday gave us a good example of a downtrend, accumulation and uptrend phase, all in one day.
The 20,38,9 MACD is of the $TICK pivot ((H+L+C)/3). The Moving Averages on the $TICK are also 20 and 38 period EMA's. This is one example where the moving averages and MACD indicator helps to illustrate what is happening in the market. It is not quite so clear with just the raw data.
Charles
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