Monday, October 14, 2013

Charts 10-14

The move up from the 1646 low sure looks like a completed five-wave impulse (not a triplet) in a tidy channel, right into an area of resistance.

Now we just need a whiff of panic for a wave 2.  Or will all dips be bought?

SPX 10-14


Depriv said...

I would not hold my breath for the usual deep retrace of wave "2" in this case (assumed that the impulse upward will work at the end).

Everything is really fragile, any doubth would break the magic.

Maybe an R-flat?

christiangustafson said...

SPX 1673 is still possible IF we can manage to put in a small head & shoulders with 1692 as the neckline.

News-driven tape? TA says it shouldn't matter, right, it's all priced-in etc etc.