Wednesday, April 7, 2010

4/7/10 - E-mini and SPX AM Update [12:00 PM Update]

[12:00 PM Update]

We will have to see if the 30 min MACD trendline will provide support for subminuette iv.

Given the open that the E-mini is indicating, I added an alternate label above for subminuette iv (in gray). If this holds subminuette iv completes a flat.

We shall see.

It appears a wedge type pattern may have emerged after the triangle breakout. It's a little sloppy and the way I have it labeled, wave (iv) resulted in a throw-under, however, wave (v) did not result in a throw-over as is typical after a wave (iv) throw under.

I'll go with this for now. I do not believe minute [v] is complete and in fact believe this just may be minuette (i) of [v].

There are Fib retracement targets on the chart. Obviously if price retraces beyond where I have wave (e) labeled, this move up may be considered complete or some other type of correction is going on.


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