SPX 60 MINUTE PREFERRED
SPX 60 MINUTE PREFERRED
Here's a quick update of the 60 minute chart. I'll try to provide a 5 minute chart and update later tonight?
The 34 day EMA held again.
For the chart updated at 10:10 PM, I just wanted to highlight a rectangle pattern that may be playing out again. We saw a similar one back in Nov/Dec 2009 that led to new highs. Of course we also saw a smaller one in Jan of this year which lead to a decent sized pullback.
I have a couple options on the chart for what I believe to be Minor B.
1. Minor B is complete as an expanded flat
2. A double three is playing out so we may see more sideways correctives. Currently price has retraced Minor A by 23.6%, which is the bare minimum. However, what it lacks in size it may make up in time by going sideways. This would fit perfectly with building a larger rectangle pattern.
3. Minor B is a much larger expanded flat with a target near 1170.
The 34 day EMA held again.
For the chart updated at 10:10 PM, I just wanted to highlight a rectangle pattern that may be playing out again. We saw a similar one back in Nov/Dec 2009 that led to new highs. Of course we also saw a smaller one in Jan of this year which lead to a decent sized pullback.
I have a couple options on the chart for what I believe to be Minor B.
1. Minor B is complete as an expanded flat
2. A double three is playing out so we may see more sideways correctives. Currently price has retraced Minor A by 23.6%, which is the bare minimum. However, what it lacks in size it may make up in time by going sideways. This would fit perfectly with building a larger rectangle pattern.
3. Minor B is a much larger expanded flat with a target near 1170.
Hey KFG -
ReplyDeleteSorry I lost you on the CIL. I agree with your last post. I see C of supercycle B lasting most if not all of 2011. In my mind the SPX is a buy @ SPX 920 but we'll see more when it gets there. If it does that is.
Queequeg