We pretty much followed the outlined path, although there's a chance that we may not go up as high as 1356 before completing the correction. I show that in tonights chart, which shows that we are at the tip of a pennant and the resolution to that pennant will happen tomorrow.
If we break upwards out of it, I expect we will complete the previously outlined path and head up to about 1356, maybe a tad higher, and then head back down to complete the pattern and fill the gap. If we break lower out of it, we'll just go ahead and fill the gap and hit the bottom of the channel and then be ready to start the final wave up.
The reason I give the pennant a chance to break south is because the MACD and Stochs are looking a little toppy here on a short term chart, but as usual we can break north and roll along the top to a very overbought state and then head back down.
We should know tomorrow by lunch.
Here is tonights chart; S&P 30 min / 20 day
No comments:
Post a Comment