Two paths marked on both the 15 and 60 min spx charts....two counts marked on the 15 min chart...If we hold 1358/60 this morning and move up...chances are we need a 5th up to end this move. My gut is saying we won't and my top pick is a move to the 1340/45 area where we will bottom the middle wave of the 3rd wave of an ED. If we hit that area and hold above 1340...then I think we move up to test the 89ema on the weekly into the middle of next week. Either path is going to be a fake move through the neckline...A neckline break has a target of 1505...my guess is we move to 1399/1405 (watch 640/44 OEX) and the inverted H&S pattern fails miserably...and we head to new lows. We haven't move this close to the neckline to fail in my opinion...it's going to be used as a fake out....it's just a question of how we break it. ....through it with Friday's numbers...or down first to the 1345 area..then up through it.
I know most people know...but just in case....to enlarge the charts...just click on them...
....and one other point....I've invited people in for a reason but I ask that you keep information or ideas taken from this blog and keep it to yourself. Please don't repost ideas on other sites.
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