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Friday, February 11, 2011

Frisday, Aftre the Close!!!

The SPX is working on the 5th wave now, with two different options going on with the squiggles because the move down right at the close is extremely close to over-lapping the wave up peak at 1328.80 this morning. The first option is the bullish one, a 1-2, 1-2, up scenario, the second option, more bearish, would be the final wave playing out as an Ending Diagonal, as the 4th wave could over-lap the 1st. This option would mean a top of some sort first thing Monday morning, where as the first option would play out for another 2-3 trading days. Right now I am leaning about 60/40, to the Ending Diagonal.
I apologize for a short post this afternoon, we started our lambing season last night, and have experienced some complications today that are requiring me to be away from the computer for the majority of the day. Hopefully things will quickly return back to normal later today and I can add more updates. There will be more charts and analysis posted thru-out the week-end!!!

1 comment:

  1. The tran divergence will be gone Monday with any up move