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Thursday, April 8, 2010

Thursday updates


Updated!!!
This chart here should be the most worrisome for any Bulls out there, still at nose-bleeding levels, but curling over after today's move.
It has been absolutely amazing watching this chart over the last few weeks, could not ask for more, as the SPX has been perfectly respecting the Fib fans!!


After the close, well today looks to have been a bear trap, after a quick drop at the open exciting the bears, the SPX headed higher in impulsive waves, never breaking below the channel (gray), nor making any major lower lows, so the trend remains up.
Breadth for the day ended at 1.08:1, advancers, flat!!!!
If the count I have been carrying for the last few weeks stays valid, we should be close to making a new high in the 3rd of the 5th wave up and I would expect to see a good open gap up with higher breadth for the meat of this 3rd wave targeting the 1200-1225 levels, unless we have a truncated 5th wave that ends short. This rally is starting to really wane in volume and breadth, making me think the top is VERY close.
Levels, are still the same as yesterdays starting at 1165.77 for a minor low, and 1161.58 for a major low at which point the SPX is making important lower lows and the trend becomes down.
Click here for a live, and updated chart!!!
7:39, The bullish Fib fans are getting a little work out this morning, with the green two lines acting as support.

Click here for a live, and updated chart!!!
7:29, The move down this morning did break the old channel (green), but bounced right when it hit the new channel (gray) keeping the micro count valid.

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