Tuesday, October 6, 2009

SPX- 10/6 PM UPDATE


The 1-2s are not out of the count just yet. The wave I have labeled as subminuette wave ii retraced subminuette wave i green approximately 78.6%, which is within a wave 2 guideline.

After topping at 1060 today, the pullback lower was retraced approximately 61.8% into the close. A doji candlestick formed (hourly chart), signaling that the buying pressure into the close was waning.

Price was also rubbing up against the trendline connecting the March and July low (log scale). Will this second attempt be a success or will it swatted back down?

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