S&P500

One more thing to add here, with the job numbers being what they where, the fact the price could not hold & the selloff that occurred on open approx 10/12 pips and then could not hold abv 1552 by close adds to my thoughts.....

WaveSurfer wrote: minimum target for this wave now achieved yesterday and in addition to that invH&S target being satisfied posted earlier and mentioned on chat yest, however to confirm the below numbers are required to confirm one way or the other....

i now see signs for an imminent correction -divergence appearing 1hour and rsi on daily @80+ that wont confirm until a close below 1534 for an imminent Short term correction, unless spx can take out 1560 and close abv it and negate that divergence altogether and most importantly that Price... i believe the ST correction to be an Int wave IV of Major 3 which could be approx 3-5% in the interim if it when it confirms..

dl.dropbox.com/u/40497882/SPX_1HR_Mar0813.JPG
dl.dropbox.com/u/40497882/SPX_4hr_Mar0813.JPG

rgds WS

Can someone please check whether there's a hanging man on SPX daily? Also, anyone got any views on the wave count here, either short term or med/long term?

As I've posted, I'm already short on the indices so would like some other views to confirm/refute what I'm seeing.

TIA

J - please see my dow post.

remember this chart posted on the 14Mar on chat ?

dl.dropbox.com/u/40497882/SPX_14Mar.JPG

to this:

dl.dropbox.com/u/40497882/SPX_15Mar.JPG

Spx closed @1561 so back inside that wedge...just

We got am inside bar on this on Friday so it's long above 1558 and short below 1543 with opposing stops:



dl.dropbox.com/u/20815047/SPXdaily24_03_13.gif

The current price high came on the test of the downtrend formed by the RSI bearish divergence which happens quite frequently. If this breaks down then I'd look towards that 1485 area as the max low for now. A break to the upside may target the all time high at 1576.

Good evening all, it appears the tussle for the S&P will result in a new high for the index. The very short term P&F chart couldn't have more of a cluster of targets if you made it up! (last target of 1605 is not active yet, requires a new high without 1544 being breached)

dl.dropbox.com/u/22133197/S%26P%20500%20INDEX.gif

If it does breakout as it is suggesting, it will be interesting to see how it responds at the 1600 level. The caveat is that if 1541 breaks down I think it will be a very different story.

Best wishes all

ft