Friday, October 30, 2009

10/30 - SPX AM UPDATE


Price is working within the trend channel. Is it possible minuette (v) is complete or near completion? Price fell just shy of the lower trend channel. (v) = (i) at this point as well.

Don't forget the bullish alternative count as well. We may just be working on more 1-2s.

Will have to keep an eye on the channel. If price breaks out, then I would expect more downside to follow.

Either way, there should be a bounce of some degree. The question now will be, will the bears let the bulls in to buy this?

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