The collision of global markets and social mood

Tuesday, September 25, 2012

One More Pop

There are two numbers today: 1467.07 and 1449.98. Either one would be fine. If 49.98 breaks, the 38% retracement level should give support at 1444.73 and there is also a 1:1 Fib extension target at 1442.54. Otherwise it still appears that a triangle is forming.

Below 1449.98 the triangle would be nullified, but a three-wave structure would still probably exist unless the S&P has formed the stealthiest and ugliest impulse wave down EVER. Getting below 1439.15 would raise this issue, but until then I'm focusing on other levels.

Since 8/17 there have been three triangle formations in a row. Up, sideways, up, sideways, up, sideways. I think the market is getting tired. But I still think there is at least one more pop to be sold.

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