This shows a possible double zig zag (abc x abc) unfolding to
the downside. Only time will tell, but for now the short term trend
is down (lower lows and lower highs). This decline should target
down towards at least the 1107 pivot area. Remember, a break
below the 1090 pivot on a closing basis would be troublesome.
The 60 minute charts went on a SELL yesterday and despite
some chop remain pointing down.
The alternative would be some type of flat that would allow for
a larger bounce before selling back down. The wave structure is
extremely choppy so it's best to focus on your indicators and/or
triggers.
SPX 10 View
Posted by steve on 23rd of Sep 2010 at 04:18 pm
This shows a possible double zig zag (abc x abc) unfolding to the downside. Only time will tell, but for now the short term trend is down (lower lows and lower highs). This decline should target down towards at least the 1107 pivot area. Remember, a break below the 1090 pivot on a closing basis would be troublesome. The 60 minute charts went on a SELL yesterday and despite some chop remain pointing down.
The alternative would be some type of flat that would allow for a larger bounce before selling back down. The wave structure is extremely choppy so it's best to focus on your indicators and/or triggers.
hey steve, would breaking the
Posted by baknblak on 24th of Sep 2010 at 01:35 am
hey steve, would breaking the 150ma at 1116 make many run for the exits?
This kind of market analysis
Posted by Peridot on 23rd of Sep 2010 at 04:35 pm
This kind of market analysis end of day is helpful. Thank you Steve. p.
Steve, what was the trigger
Posted by angelo851 on 23rd of Sep 2010 at 04:32 pm
Steve, what was the trigger that put the 60 minute charts on a sell yesterday?
Angelo - Stochastics breaking below
Posted by steve on 23rd of Sep 2010 at 04:39 pm
Angelo - Stochastics breaking below the 80 level or the break of the rising trendline of the wedge.
Thanks Steve!
Posted by angelo851 on 23rd of Sep 2010 at 04:43 pm
Thanks Steve!