AI
Friday, May 12, 2017 4:42:30 PM
$SPX Fork Update
Tagged the center fork tine today. Also, nearly tagged the dashed yellow support line. Does it go higher or lower? It could do a little of both till it gets to 2. I took this shot near a dip, when $SPX started to rise into the Close. So today had a long shadow and yesterday had a much longer shadow. So I think price is going to do a little upward movement, perhaps on Monday, and down later to get to circle 2 then head for 3.
Ever hear of an H&S top? There should be thoughts of that as price heads down from circle 2. It’ll be a small H&S so I couldn’t care less. I think it heads directly for circle 3 or it drops from the H&S. There is an SR level that would support that drop from an H&S but I haven’t drawn it yet. If you look where reversals are in March and April, there’s support at about 2,367-ish. That puts the bottom target for the H&S breakout at the bottom tine of the blue fork several days from now (so it is a small drop), then the optimists would have price climb toward circle 3 and follow the blue fork higher.
I don't have a clue, but it seems equally possible price drops to 2,330, and if it does that then it could easily go down stepwise to lower levels.
Tagged the center fork tine today. Also, nearly tagged the dashed yellow support line. Does it go higher or lower? It could do a little of both till it gets to 2. I took this shot near a dip, when $SPX started to rise into the Close. So today had a long shadow and yesterday had a much longer shadow. So I think price is going to do a little upward movement, perhaps on Monday, and down later to get to circle 2 then head for 3.
Ever hear of an H&S top? There should be thoughts of that as price heads down from circle 2. It’ll be a small H&S so I couldn’t care less. I think it heads directly for circle 3 or it drops from the H&S. There is an SR level that would support that drop from an H&S but I haven’t drawn it yet. If you look where reversals are in March and April, there’s support at about 2,367-ish. That puts the bottom target for the H&S breakout at the bottom tine of the blue fork several days from now (so it is a small drop), then the optimists would have price climb toward circle 3 and follow the blue fork higher.
I don't have a clue, but it seems equally possible price drops to 2,330, and if it does that then it could easily go down stepwise to lower levels.
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