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techcharter

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techcharter

Re: None

Monday, 07/05/2010 9:44:14 AM

Monday, July 05, 2010 9:44:14 AM

Post# of 51804
SPX Ready for Pause.

The last 2-3 weeks of selling looks like a nearly or completed motive elliott wave. A near term pause is expected to last 5 to 8 days. I'm counting this bounce as a wave 2 of 1 of 3. Crash potential is getting pretty high.

The SPX has been on the lower bollinger band the last few sessions. The bollinger bands have widened.

The stochastics have entered the oversold area, and are ready to bounce. The bounce will produce false buy signals.

The relative strength index is close to oversold levels. A contrarian signal near a short term bottom.

The volume is heavier the past week than at the start of the selloff. This may mark the beginning of the 5-8 day bounce.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p11137472102
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