Monday, February 22, 2010

2/22/10 - SPX AM Update [8:30 AM Update]

[8:30 AM Update]
One way to count this. Looks like a small scale H&S in the works. It would target 1102.

Of course the alternate is a wave iv triangle/double three type structure in the works.



So far that impulse wave down from Friday's top is holding. It may be counted as a new wave i down or a, with today's pop a wave ii or b.

Projecting out with the Fibs, the likely targets are 1106 and 1103 for wave iii or c. For the bulls, this would mean a wave iv. For the bears, a break of the orange trendline near 1103 would need to be achieved to further their case.

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