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Wednesday, July 21, 2010

Wednesday updates

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7:16, I adjusted the longer term Bearish Fib fan to take into account the latest low, and behold, we are now at resistance!!!
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7:09, Added a new short-term bullish fib fan, the bears need a break below 1070ish to escape from the fan.

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7:03, A break above 1100, would make a higher high and put the gray count into play.

6:55, Do or die time for the Bears, and this count. The one piece of hope for them today is the gap up from the open was filled soon after it happened, and could end-up being an exhaustion gap, but the SPX needs to sell-off hard for the rest of the day, otherwise, the SPX will break above the trendline, and that will put the optional count into play.

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