If this is the start of wave 3 of 5 purple the target would be
1.618 X 90 (1230-1140 wave 1 leg) = 165. So 1204 - 165 =
1059.
That would coincide with the HS measured move as well.
Conservative HS target would be from shoulders at 1080.
Under that scenario - it's possible to see a gap lower as well.
Support is now the rising trendline, followed by 1140, 1120, and
1100ish. Also take note of the daily pivots.
However, the blue scenario remains valid for now...today's
action would surely serve to fool many if that played out. I also
added another way to view things which would be similar to the blue
option. For this to gain credence, the SPX will need to rally early
next week and break back above (and hold) the 1176 pivot range.
Let's see what next week brings....it will largely depend on
Europe IMO. The short term trend is currently down.
klatuu - what is your question - you can click on the chart for
updates.
SPX is now testing its 1136 PIVOT which is support
If short continue to trail you stop down......no buy signals as
yet. Keep an eye on the SPX 5 minute charts that Matt posted
earlier...the bulls hope (at least short term) would be a clean
break up out of the wedge.
SPX 60 Update
Posted by steve on 9th of Sep 2011 at 03:30 pm
$SPX
If this is the start of wave 3 of 5 purple the target would be 1.618 X 90 (1230-1140 wave 1 leg) = 165. So 1204 - 165 = 1059.
That would coincide with the HS measured move as well. Conservative HS target would be from shoulders at 1080.
Under that scenario - it's possible to see a gap lower as well. Support is now the rising trendline, followed by 1140, 1120, and 1100ish. Also take note of the daily pivots.
However, the blue scenario remains valid for now...today's action would surely serve to fool many if that played out. I also added another way to view things which would be similar to the blue option. For this to gain credence, the SPX will need to rally early next week and break back above (and hold) the 1176 pivot range.
Let's see what next week brings....it will largely depend on Europe IMO. The short term trend is currently down.
Steve, any update to this
Posted by klatuu on 12th of Sep 2011 at 02:17 pm
Steve, any update to this 60min chart today?
klatuu - what is your
Posted by steve on 12th of Sep 2011 at 02:24 pm
klatuu - what is your question - you can click on the chart for updates.
SPX is now testing its 1136 PIVOT which is support
If short continue to trail you stop down......no buy signals as yet. Keep an eye on the SPX 5 minute charts that Matt posted earlier...the bulls hope (at least short term) would be a clean break up out of the wedge.
Breaking downtrend line on SPX
Posted by steve on 12th of Sep 2011 at 02:35 pm
Breaking downtrend line on SPX 5 minute.
World stocks tumble amid Europe debt worries
Posted by steve on 12th of Sep 2011 at 08:07 am
http://finance.yahoo.com/news/World-stocks-tumble-amid-apf-620537780.html?x=0&sec=topStories&pos=main&asset=&ccode=
EURO has continued to bounce
Posted by steve on 12th of Sep 2011 at 09:06 am
EURO has continued to bounce off it's overnight lows
EURO and SPX Futures gapped
Posted by steve on 11th of Sep 2011 at 06:46 pm
EURO and SPX Futures gapped down on Sunday's open - ES is currently testing Friday's lows (1141) from below.