For now, the target for wave [ii] is some where between 1110 and 1120. As we develop the first leg, we can then narrow our range down.
This a-b-c pattern should also set up an inverse head & shoulders.
Here is the updated daily count on the SPX:
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SPX, USD, Gold, VIX, XLF and Apple.
SPX, USD, Gold, VIX, XLF and Apple.
Monday, February 1, 2010
Market Update - 2/1/2010
The SPX ovbiously did not make a new low today, and we broke back above the 1083 pivot. I guess it may be safe to say that Minute wave [i] has finally ended.
For now, the target for wave [ii] is some where between 1110 and 1120. As we develop the first leg, we can then narrow our range down.
I expect wave [ii] to be a simple a-b-c zigzag for now. A more complex pattern could develop, but this is the way I see it for now.
This a-b-c pattern should also set up an inverse head & shoulders.
The H&S pattern has not fully developed yet, but if it does, the target is some where around 1120.
Here is the updated daily count on the SPX:
For now, the target for wave [ii] is some where between 1110 and 1120. As we develop the first leg, we can then narrow our range down.
This a-b-c pattern should also set up an inverse head & shoulders.
Here is the updated daily count on the SPX:
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