6.29.2012

Wave 2, when made from ABC formation like this, can be somewhere between 1342.76 and 1351.86

SPX 30min
My suggestion yesterday "A downward move that breaks 1322.06 would accelerate the fall to 1315.10, then 1309.27was correct more than 60% when price made the day's low at 1313.29.

With price reclaimed back almost the day's losses in the last hour of trading, the counter-trend rally may not over yet. Today's index future warns a gain more than 1%. These signs give a strong support that the wave 2 of this counter-trend rally will be made of an ABC form.
I expect that wave C will end at somewhere between 1342.76 and 1351.86.
I also don't rule out a possibility that wave C can be somewhere a bit short of 1363.46.

SPX daily indicators
Only MACD looks slightly bullish. 3 other indicators are still bearish looking.


No comments: