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Sunday, March 28, 2010
The Summation Index, is rolling over, and very close to a sell signal, this is a longer-term Index where the direction of the trend is the most important aspect to watch.
The SPX continues to respect the fib fans and just keeps crawling up along the gray fan line that is acting as resistance, and there is still no bearish fans to provide serious resistance to the price advance.
I wanted to start with the Russell because its waves are more pronounced, especially the (X) wave, that had a much more corrective wave action then the SPX did.
Here is the SPX with the same count, not as perfect looking as in the Russell, but I believe it is a valid count. Just as the note says on the chart, this is only, one option I have been watching, and is the most bearish option. The other option playing off of this count is moving the (W), and (X) to the 1150 high, and 1044 low, but not one I am very happy with because doing so makes a triple zigzag, a VERY rare occurrence.