Friday, February 27, 2015 1:39:32 PM
Pretzel update:
http://www.pretzelcharts.com/
Bears have a chance........Pretzel is leaning.......
"Two quick charts today, which pretty much say it all.
Before we get into these, I had noted on Monday that a break over 2110 SPX would likely lead to 2115-17+/-, and that zone would have potential to mark at least a minor top. The market ran to 2119, before reversing.
First off, the SPX near-term chart suggests that we haven't bottomed yet. I published this chart in our forums shortly after the cash close, and the overnight action in the E-mini S&P futures (ES) seems to be confirming this count so far:"
"The preferred near-term count would be invalidated north of 2120. Stepping back a bit, here's how it looks on the 30-minute chart. The first bearish trigger target was captured yesterday -- if the count shown above is correct, then the second target should be captured as well:"
"In conclusion, this appears to be the best opportunity bears have had since 2072 SPX. If this is a bull wave, then it's likely that this will prove to simply be a fourth wave correction. If the bears have control, then it will turn into something more significant, and 2058 comes into view as a potential target. Either way, near-term, prices appear likely to be headed lower, so if you're a bear who's been waiting patiently for another decent opportunity, then this is the best one that the market has presented in a while. Trade safe."
http://www.pretzelcharts.com/
Bears have a chance........Pretzel is leaning.......
"Two quick charts today, which pretty much say it all.
Before we get into these, I had noted on Monday that a break over 2110 SPX would likely lead to 2115-17+/-, and that zone would have potential to mark at least a minor top. The market ran to 2119, before reversing.
First off, the SPX near-term chart suggests that we haven't bottomed yet. I published this chart in our forums shortly after the cash close, and the overnight action in the E-mini S&P futures (ES) seems to be confirming this count so far:"
"The preferred near-term count would be invalidated north of 2120. Stepping back a bit, here's how it looks on the 30-minute chart. The first bearish trigger target was captured yesterday -- if the count shown above is correct, then the second target should be captured as well:"
"In conclusion, this appears to be the best opportunity bears have had since 2072 SPX. If this is a bull wave, then it's likely that this will prove to simply be a fourth wave correction. If the bears have control, then it will turn into something more significant, and 2058 comes into view as a potential target. Either way, near-term, prices appear likely to be headed lower, so if you're a bear who's been waiting patiently for another decent opportunity, then this is the best one that the market has presented in a while. Trade safe."
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