Thursday, December 15, 2011

12/15/11 - Pre Market

ES
SPX - 15 Min
The bulls need to clear 1249.86 if the bearish alternate is to be eliminated. However, see below for a the triangle alternate that may target 1254.
SPX - 60 Min Triangle Option
I just wanted to point out a little observation I made in terms of retracments for each subwave of the proposed triangle.

Notice that each rally was greater than each pullback and the fact that they were all nearly identical?

So I'm just throwing this out there should wave D not be complete and if this is just the third wave rally for D, perhaps another 78% retracement higher may be the target at 1254.

However, wave E may certainly count as complete so we shall see if the bulls can manage to break out of the descending trendlines.
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