Thanks, Steve. From the chart, and given the speed with which
this market is moving, the SPX could find the bottom of the
wedge pretty quickly. It looks like the daily indicators
would set up bullish divergence on a quick move lower.
Assuming the SPX undercuts 1040, there is some support
around 1020 and the 38% fib RL from the 1219 high is at
1008.
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SPX 60 min
Posted by matt on 4th of Jun 2010 at 03:13 pm
I like Steve's wedge scenario. Nice trigger on the 60 period stochastics, otherwise horrible day for the market.
yeah..i see the same on
Posted by 1800promote on 4th of Jun 2010 at 04:30 pm
yeah..i see the same on my chart.
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&b=3&g=0&id=p96294419066&a=201229926
Matt, the wedge is looking
Posted by radrian on 4th of Jun 2010 at 03:20 pm
Matt, the wedge is looking plausible to me, also. Assuming it plays out, what would be the textbook response from the bottom? A-B-C higher?
Radrian, the answer to your
Posted by steve on 4th of Jun 2010 at 03:21 pm
Radrian, the answer to your question is yes and ABC move up in a deep retrace.
Thanks, Steve. From the chart,
Posted by radrian on 4th of Jun 2010 at 03:51 pm
Thanks, Steve. From the chart, and given the speed with which this market is moving, the SPX could find the bottom of the wedge pretty quickly. It looks like the daily indicators would set up bullish divergence on a quick move lower. Assuming the SPX undercuts 1040, there is some support around 1020 and the 38% fib RL from the 1219 high is at 1008.