Thursday, November 19, 2009

11/19 - SPX - H&S Finally?




What am I, 1 for 4 on the H&S call? Well I don't care. Gonna point this one out again as a possibility.

I think minuette (iv) is still playing out. I anticipate a completion either near 1100 but no more than 1105. Minuette (v) heads down towards 1085 to complete minute [i].

A bounce for minute [ii] takes her back towards 1105 to finish off the right shoulder. Minute [iii] takes flight and heads towards the lower trendline near 1060. 1060 is the expected target for the H&S. This would also fill the gap at 1070.

Of course an impulsive bounce off 1060 would make me question if this would be considered a minute [i] down.

But of course all this is getting way ahead. Let's just see what happens.

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