Friday, April 30, 2010

Short Term Bullish?

Well short term everything looks bullish. I probably should not post up such a one sided chart but everything is looking like a nice 5 wave impulsive move (violet) to complete an megaphone pattern (yet again). Now this pattern can play out bullish (following green to consolidate and move higher) OR complete as a megaphone pattern which is bearish - blue (3 marginal new highs with 3 marginal lower lows but each low followed by a higher high.

I will be watching this pattern very carefully as it fits with my price targets from January and my overall stance of resistance ahead. But as for all bears, there is always resistance 20 pts above us - ever since 740 SPX (yeap hah) and look where we are now - getting closer and closer to retest pre-2008-crash price points - incredible.

10:12AM Key short term support here. Bear fake out? Bull shake out? We will know in 30 minutes.


  1. lets see if it breaks 1204 here and maybe just maybe we get a close at 1190 haha (ok that will never happen but one can dream)

  2. the bear awakens lol ... could yesterday have been the completion of Wave 2? If thats the case we are on the road to break 1180 early next week and on our way to start the correction I was hinting at in the comments the other day (minimum of 100 pts lower) ... BUT first things first as always, 10 more points for our monthly close at key bear territory.

    Kat - if you reading this, who would have thought? hah, amazing times we are in.

    While I am sitting out most of the time its exciting to watch.