Monday, April 12, 2010

4/12/10 - IWM and SPX Trendline



Here's an update for you Scrappy on the IWM, if your still reading. I posted this count on 3/23/10. See here. 

At the time, I primarily hightlighted the head and shoulders formation. So far so good. 

I like how Minor C of (Z) = 1.618*A right about at the H/S target. It's getting close. 

The head and shoulders target looks like it will be a significant level as it previously served as resistance and support during 2007 and 2008. 

The second chart is just a simple one of the SPX and a trendline to keep an eye on. I expect any near term pullback will find some support there (~1180 on the trendline) along with the 21 day EMA (~ 1171).

1 comment:

  1. Grand - me likey! I came up with a similar conclusion in this post.