Replies to post #391 on Elliott Wave TRIGGERS and TARGETS

[TREND1]

By: TheWaveTrading | Tue, Oct 23, 2012
This EWAVER also sounds like a Trend follower. IMHO
WHY?
Because he shows note on chart ...
If it breaks 1422 it is going to 1397



Sorry but today I don't have any inspiration to write a "productive" technical update so I will keep it extremely short.

Yesterday bears failed to trigger sell stops below the critical pivot support at 1422, instead dip buyers prevented a slump and achieved a potential bullish candlestick with a large lower shadow.

Despite the set up clearly favors the bulls I remain skeptical as long as bulls seal the deal by reclaiming the 20 d MA, which stands at 1445.

The internal structure of the down leg off the October 18 lower high is not clearly impulsive hence maybe we don't have a terminal pattern.

This is why in the daily chart I put a question mark at yesterday's lod.

http://www.safehaven.com/article/27416/spx-follow-up-of-the-short-term-ewp