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Saturday, July 7, 2012

$SPX: Alternative count in daily chart. Wave 2 in play & target: 1,400


This is a possible alternative count that favors the odds to a last push up to 1,400 (+/-).
We like this alternative because, it not only respects our Elliott waves( retracement & fan lines) and fibonacci analysis, but also respect the Head and shoulder, neckline and pullback target, develop in-between February and April and, now, we are using a new(for us) tool as Pitchfork lines, that is also based on fibonacci( for us fibonacci is king). With this last tool, we are detecting that price is loosing momentum, because price can't surpass the 50% line and has found support at is low range so, a last push to the 38.2% line is due and, IF we are correct all the odds are alignment.

1 comment:

  1. Agree with your chart :)
    add this blog to my watch list ;)
    greats from at-trader.blogspot.com

    ReplyDelete