SPX - FIBONACCI FANSIt will be interesting to see if we see a little resistance and pause at this 61.8% fand and pullback along it for minute [iv] before heading higher
[EDIT 11/6/10]
SPX WEEKLY
SPX MONTHLYI know it's the weekend but wanted to keep these charts with the EOD post from yesterday.
Here is an update on that weekly chart I have been following. As anticipated, the market managed to close above the 200 week SMA as well at the 50 month SMA.
Notice that the monthly also had a MACD zero line cross. So far, all point upward.
Of course remaining over the 200 week for a few weeks would be required to confirm the trend here. 1193 is the level at the close.
Here is an update on that weekly chart I have been following. As anticipated, the market managed to close above the 200 week SMA as well at the 50 month SMA.
Notice that the monthly also had a MACD zero line cross. So far, all point upward.
Of course remaining over the 200 week for a few weeks would be required to confirm the trend here. 1193 is the level at the close.
SPX - PREFERRED BULL AND BEARI have updated my bull and bear daily chart to reflect the revised count from my previous post. The five waves up to the April high represent either Intermediate (1) or (A). The pullback to July is either Intermediate (2) or (A) or only Minor A of Intermediate (2) or (A).
SPX - CUP AND HANDLE FORMATION?Does the above formation look familiar? See chart below.
I had been waiting for this leg to challenge the April high because I was thinking about this pattern forming. I think it is almost complete. The market needs to form the handle and that would coincide with the minute [iv] pullback I'm anticipating for the bull count.
The target for this move would be an astounding 1400. Before you say, no way in hell the market will ever go there, you have to remember many said, no way in hell was the market going to 666. I think panic goes in both directions.
Perhaps mom and pop finally dip their feet back in because they are tired of seeing their cash earn 0% while the market climbs higher. I wonder how mom and pop feel right now having taken their money out at the bottom while losing anywhere from 30-50% only to see the market regain 60% over the past year and a half and possibly more.
I know of a few who held out for so long and now want to put that money back to work. Others will be forced to hunt for yield.
For more info see Stockcharts' definition.
I post this chart again to reiterate what to look for should we see a substantial pullback.
