Thứ Tư, 4 tháng 7, 2012

Elliott Wave Update ~ 3 July 2012


Tuesday, July 3, 2012


Elliott Wave Update ~ 3 July 2012

The SPX closed solidly above resistance. The next - and last resistance prior to the previous 1422 SPX high - is probably in the 1389-1392 range.
NYMO is overbought.
GDOW.
Updated NYAD Count. It looks better actually than before.



S&P 500 Analysis after closing bell



  • Price moving away from 100 Day SMA.
  • Next possible resistance is the resistance line shown in last chart and the 78.6% Fib level shown in 2nd chart.
  • For bears, price closing above the 78.6% will be bad news as it gives chance for a bigger rally and a possible breakout above weekly high's. Getting resisted at these levels should result in a swing down, For a larger correction the channel of four hour chart has to breakdown. 
  • DESCENDING BROADENING WEDGE OF QQQ

S&P 500 ~ Intraday Update ~ 3 July 2012

No double top at 1366 - the rally continues today. A few minutes ago, the SPX hit the next resistance at 1375. The markets will close in about an hour so this is most likely as high as we go today.









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