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TREND1

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Re: None

Wednesday, 10/24/2012 4:52:30 PM

Wednesday, October 24, 2012 4:52:30 PM

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*****TheWaveTrading | Wed, Oct 24, 2012


SPX has finally breached the pivot support at 1422.
Price is no longer in a trading range and clearly now the trend within the corrective pattern from the September 14 high is clearly heading south.

It is a fact that given the internal structure of the move from the September high price is involved in carrying out a Fibonacci retracement of the up leg off the June 4 lows.

As I have mentioned several times once 1422 is breached the next potential bottoming area is located in the range of 1396 and the trend line support in force since the October 2011 lows. Given that the rising 200 d MA is standing just below the trend line I don't not rule out that price may want to test its solidity.

http://www.safehaven.com/article/27430/spx-follow-up-of-the-short-term-ewp

CHARTS TREND_SUPPORT_RESISTANCE _http://investorshub.advfn.com/boards/board.aspx?board_id=12981

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