Tuesday, 24 April 2012

S&P will break or will complicate!

As mentioned in last weeks posts a big move down was expected in S&P. From 1390 cash it visited the April 10th low at 1358 (32 points...not a bad call!!). The different wave scenarios are depicted in the chart. Since it didn't break the low yesterday I believe it has a last chance to break today or tommorrow. If the level is not broken then we could see a more complex correction even towards 1410.  A close below 1365 will reinforce downward pressures. I don't see new highs yet due to the 3 wave rise from the April 10 lows.

If you would like another index (US or european) analysed please post a comment. If you want to contact me send e-mail to ec97aay@gmail.com

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