Tuesday, May 18, 2010

5/18/10 - SPX E-Mini AM Update [6:15 AM : Fractal Update]

[6:15 AM : Fractal Update]

The more I look at the chart above, the more I believe that some form of self-similarity is playing out. So far the first two fractals, green and red have retraced their previous swing lows by 61.8%. I'm thinking the purple fractal does the same towards 1150 and then resumes lower to complete the red fractals pattern.

We'll see.

SPX E-Mini

I'm not very familiar with the diamond bottom reversal pattern but Cobra mentioned this last night on his blog. I took that suggestion and incorporated it with what I believed to be an inverted head and shoulders in the works. 

I initially posted this chart last night. So far so good, at least from a inverted h/s standpoint. I don't know if the diamond bottom applies but either way, both indicate a potential an 1161 target (1170 on cash). 

We shall see.

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