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Sunday, February 26, 2012

$SPX: Friday EOD higher than 1,363.61 but respect HS neckline, so, EW alternate count.

Friday's EOD on daily chart, $SPX price make a new high, since 04.29.2011. Our very "clue line" was 1,363.61, that day, EOD price. 
We have to relabel our daily EW count considering that we have a new high price since we continue in primary wave B of cycle wave 2. This count is,again, a bearish count and we think that a retrace is due but, as a wave 4 of c of B. 
The, multi month, HS neckline( orange dotted line) has resist nicely so we think price is due for a retrace, but not the "big" fall yet,only a retrace,maybe to 1,285 level and then a last wave 5 of c of B.
Below we have 3 charts with close ups of the big chart above.

Close up 1

Close up 2

Close up 3

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