Interesting perspective especially break of
the trend line (blue line)
Elliott Wave S&P500
Perspective
In out last newsletter (May 29), we showed the
highest probability wave count on the 13-minute SPX which was an
Impulse with the top of Wave 3 May 11. Since then the highest
probability count has evolved back into a Zigzag but now with the
top of Wave 5 forming the end of Wave A on June 11 followed by the
retracement to where we are now.
The question is now whether the blue upward
sloping trendline in the next chart will form significant
resistance or just a temporary pause.
Figure 2 – 13-minute chart of the S&P500 showing the highest
probability chart pattern showing a Zigzag, which fits with
Hochberg’s Primary Wave 2 count from the March 6 low. The red arrow
shows the break in trendline and the dark gold showing the highest
probability target area for the index. Chart courtesy of
www.elliottician.com
yes -- interesting chart -- several charts showing that
trendline break were posted late last week. I know I posted
one Friday and matt/steve have posted it as well. But nice
chart with the retracement area shown................
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Elliott Wave S&P500
Posted by yam6353 on 21st of Jun 2009 at 10:19 pm
Interesting perspective especially break of the trend line (blue line)
Elliott Wave S&P500 Perspective
In out last newsletter (May 29), we showed the highest probability wave count on the 13-minute SPX which was an Impulse with the top of Wave 3 May 11. Since then the highest probability count has evolved back into a Zigzag but now with the top of Wave 5 forming the end of Wave A on June 11 followed by the retracement to where we are now.
The question is now whether the blue upward sloping trendline in the next chart will form significant resistance or just a temporary pause.
Figure 2 – 13-minute chart of the S&P500 showing the highest probability chart pattern showing a Zigzag, which fits with Hochberg’s Primary Wave 2 count from the March 6 low. The red arrow shows the break in trendline and the dark gold showing the highest probability target area for the index. Chart courtesy of www.elliottician.com
yes -- interesting chart --
Posted by Michael on 21st of Jun 2009 at 10:38 pm
yes -- interesting chart -- several charts showing that trendline break were posted late last week. I know I posted one Friday and matt/steve have posted it as well. But nice chart with the retracement area shown................