Here's another bullish take since this rising trendline is so hard to break.10:29 AM UPDATE
Here's the bullish angle. So ultimately we need to see 1181.20 break to confirm the bull angle and today's low to break to confirm the bearish angle.
10:22 AM UPDATE
And another way to count this. Same target below.
9:52AM UPDATE
I'm showing a possible triangle in the works for subwave b of wave (2). If this is the case, a pullback to 1160 looks likely.
To invalidate this pattern, the market needs to rally above subwave a at 1181.20
9:33 AM UPDATE
This is how the AM has played out so far. Please refer to the StrategyDesk version here under the 1:15 post.
9:22 AM UPDATE
Please disregard the 8:53 AM Update. My preferred is still in play. I apologize, I was looking at a different chart.
Since the price pattern is still ascending, I'm wondering if some larger type of triangle is developing.
It should be noted that a head and shoulders pattern is definitely in the making. The ascending trendline since October 4 is holding up but these many tests leads me to believe that it is most likely going to fall.
On a bullish note short term, the 30 min MACD has turned up and the 60 min histograms were heading up.
Pre market Update - 5:20 AM
A pop on Bernanke's speech. Even if yesterday's bounce is a corrective a-b-c, this c leg up on the pop equals a at 1184.
