Saturday, February 20, 2010

2/20/10 - SPX 1121 Anyone? [1:00 PM PST Update]

[1:00 PM PST Update]

I added two long term trendlines (green and red). I think the green one is another target if we did not complete on [ii] on Friday. There is a range between 1117 - 1120 between the green trendline and the red ascending trendline.

1121 makes for a nice 50% retracement from the Oct 2007 high thru Mar 2009 low.

A Chart For Da Bulls

What do you think? Close enough?

If she has enough juice left to push higher, this may be a strong stopping point. However, the last chart is something to keep in mind if the bulls have something else up their sleeve.

Until then, this is my count. And regarding that Leading Expanding diagonal, Columbia1 of EW Trends and Charts kindly pointed out that wave 5 must be longer than wave 3. In this case it is not so it is most likely not a LED. However, the structure counts well as a 5 wave impulse down so it still qualifies as a potential wave 1 or it could just be wave a of another a-b-c correction.

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