Blog Archive

Wednesday, July 8, 2009

We broke the 876 level, and met the resistance.

We have finished wave i of C. We are currently in a small wave ii retrace to the Fibonacci target between 881 & 888 before we head back down on wave iii. We will have to see where wave iii takes us, then set a more accurate target for the bottom of Intermediate B which I've previously calculated to be near 846.

I had some concern that this could be the bottom, but I doubt it. I've included a very detailed count of today market in the chart below, and the count seems to fit a correction rather than an impulse wave.

The NYSE closed with the Euro at 1.3875 afterward the Euro tanked but recovered. The chart included below shows a bearish trend, so I'm comfortable on many fronts that the SPX has further downside. Looking at this 4 hour chart I can see the a similar EW position.

An finally let me leave you with an Ichimoku M30. Heavy cloud cover should continue to force this market down.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

No comments:

Post a Comment

Today's Feature