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| SPX Weekly |
Remember this chart? Still trying to find it when I first posted this. Anyway a while ago I noted the bullish MACD configuration and that the rim (1370) may be a good target based on it.
Well here we are. Should the market find resistance here and a pull back occur, I'll be watching 1313 of 1258 depending upon the two patterns.
How about this chart? I've posted this chart several times in the past.
Though we can't rely solely on this chart to trade with, including EW alone, but when we combine it with everything else, it surely helps to keep us on the right track.
So if this pattern is repeating, perhaps the market is approaching point D like 11/2010, which also fits with the top of the rim. Will the market now dip back to the rising 50 day SMA, which is currently at 1292.
This would fit within the 1313-1258 zone as highlighted by the cup and handle and inverse head and shoulders pattern above.
Anyway, lets keep continue to keep track of these patterns as we go along and I promise to keep better track of when I post these myself.
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| SPX - Daily |
I'm posting this one to highlight the simple Fib confluence near the 1375 zone. Notice the red and green Fibs and their associated extensions?
Also note, when I first posted this chart why I have always had issues with considering the 5/2011 decline as impulsive?
