The S&P Index break through the $1,282 resistance, after the T1 trend line acted as a support, as expected in the previous analysis (http://markettechnicalview.blogspot.com/2012/01/s-500-direction-for-next-period.html).
The daily chart (left) shows the bigger picture, where the ascending move, started in early October, is, the most probable, a corrective wave 2, formed of a double zig-zag.
Late October highs are acting now as resistance in the $1,295 area and, on the hourly chart (right) T2 and $1,320 level are the most significant targets. If bulls will fail to reach these targets than the end of wave 2 will probably end.
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