One of the blog visitors sent me an e-mail asking if I could post an analysis for S&P again today. So here we are at 1400ish after our previous post mentioned that if 1357 doesn't break soon, 1390-1410 was to be seen.
The chart depicts my possible wave scenarios for this index. We could very well be in the end of a C wave. In either scenario we have 5 waves up from 1358. The way the index will pull back will make the picture clearer to us. An impulsive move with a swift break of 1386 will give bears more chances. A consolidation with overlapping waves declining to 61,8% max (1376 cash) will give more chances to bulls and new highs. If the market only pauses and continues to make new highs, this would be a bullish indication. All scenarios are possible with the bullish ones marginally having more chances until this moment. Don't forget that Europe needs a move upwards (wave 2)
DOW on the other hand has found support at the lower pitchfork line and is going to test its highs. 12845 is support that bulls don't want to be broken. This index looks much more bullish than S&P and in order for bears to have more chances, this index needs to turn down today.
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