Elliott Wave Update ~ 22 June 2012
It would be ideal for the wave structure if Monday made a quick lower low beneath Thursday's low prior to any retrace into 1346 - the bottom of wave i. This would complete a small 5 wave pattern down from the recent rally high peak of 1363.46.
Friday, June 22, 2012
Trend Average Resistance
The market bounced as expected today but it stopped right at the Trend Average closing just a point below it. Looking at some technical analysis tools the market looks like the bounce wave is not over so it remains to be seen just how much higher it can do. The trend has not changed and the intermediate bullish pattern remains the same so it is up to the bears to make their case now.
Have a great weekend!
SPY Weekend update
- Crucial resistance for SPY at 20 Week SMA (136.1 ).
- Crucial support in daily chart is the 20 Day SMA. There is a stochastic sell signal in daily chart which will be effective on price closing below 20 Day SMA.
- Weekly MACD Sell signal will be effective as long as price stays below 20 Week SMA. Bearishness can be negated if price starts to stay above 20 Week SMA.
Không có nhận xét nào:
Đăng nhận xét