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Monday, June 4, 2012

$SPX:Weekly chart. Big and short picture. EW count and forecast. Maybe primary wave B is in place.

Weekly chart

We have been calling the possibility that primary wave B could be in play and that was needed a last push as a minor wave 5, up. Looking closely the weekly chart, it´s a possibility that primary wave B is in place since April 30, and primary wave C has started its way, down. So, the big picture is bearish.

In the 60 min chart,below, the odds are bullish with , maybe a wave 1 completing it´s development and a wave 2, up, in play. So, the short picture is bullish.

60 min chart

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