Tuesday, February 03, 2009 9:38:08 PM
SPX triangle & Alternative EW
http://trend-signals.blogspot.com/2009/02/spx-triangle-alternative-ew.html
SPX is showing a triangle formation with SPX 800 support. Wave 4 and 5 corrective forms can be quite complex with long strings of counts. The SPX EW on 60min is a less bearish formation holding SPX 800. Breaking the support will be following more bearish pattern. Markets are showing positive divergences, however, we have quite bearish market sentiment and so far, that is not proven to be a contrarian indicator for a decent market bounce.
http://trend-signals.blogspot.com/2009/02/spx-triangle-alternative-ew.html
SPX is showing a triangle formation with SPX 800 support. Wave 4 and 5 corrective forms can be quite complex with long strings of counts. The SPX EW on 60min is a less bearish formation holding SPX 800. Breaking the support will be following more bearish pattern. Markets are showing positive divergences, however, we have quite bearish market sentiment and so far, that is not proven to be a contrarian indicator for a decent market bounce.
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