I'll post more charts and longer-term counts over the weekend.
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| SPX 02-28 |
Thursday, February 28, 2013
Charts 02-28: A good start
Great close today. We made it up to 1525 with a five-wave move, and bounced hard off the wedge boundary. We need to see some follow-up damage to the indexes tomorrow, maybe taking us as low as 1491 before a bounce. This may be the last chance for the Big Bearish Wedge; if it's violated again, we'll probably break through it and head to targets up to who knows where.
I'll post more charts and longer-term counts over the weekend.
I'll post more charts and longer-term counts over the weekend.
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2 comments:
Hi,
IMHO it'll be violated a pretty violent way, within a week or two.
With the wedge intact there would be too much doubt on the market about the continuing bullishness.
Otherwise, maybe that last upward run from 1485 to 1525 is a nice map for us to extend and follow.
The market wants to go higher for now, take out the all-time high on the Dow, pat itself on the back for buying on margin. The bounce off 1500 this morning spoke volumes.
We will take out the wedge to the upside, providing yet another opportunity for short-term bear capitulation. Wait until the Italian parliament convenes in 3 weeks. The intermediate-term sell signal has been activated, oil is already forecasting demand erosion, but equities are always the last to get the message. Equities are the foam on the wave. Keep watching Italian 10-year yields and the USDJPY cross. As long as the yen is being sold, the market levitates. Meanwhile, enjoy the breakout to the upside.
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