9.24.2012

1455.00-1457.00 or 1451.75-1446.37?

I will be on vacation and will be back on Wednesday 10/10. Happy trading and invest to all my blog's visitors.
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The rise since 1329.24 is clearly motive impulse waves (5-waves non-overlap pattern).
The rise from 1396.56 is likely a wave 5 extended and my target would be 1494.00.
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The pre-market for Monday hints a further pullback of the index after the Friday's high at 1467.07 was made. If  the supports 1455.00-1457.00 could work and the index could bounce the next day, it might be an inverted H&S (head and shoulders) pattern. If bears could go further and drive the index down to 1451.75-1446.37, it could be an ABC mode in a bigger frame.


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