Today the wedge broke to the upside, but no sellers stepped in strong enough to start any reversal. With that being the case, I have now outlined a more bullish count that shows more upside coming. While we likely have some pullback tomorrow (either in the overnight session or in the morning), if this bull count is correct, then it should be bought again and pushed much much higher. There is still a mountain load of resistance between here and 1100. I'll let price lead the way.
If the bear count is correct, then tomorrow would be a sharp reversal day (not likely, but I leave it out there).
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Thank you Rich.
ReplyDeleteYou have confirmed my nightmare.
The Ichimoku charts indicate 1053 will now act as support, and the resistance is 1120 and then 1170.
Bob, I think the key will be the usd. If it hit an exhaustion low today and reverses, then so will the equities. It has already come off its lows a little but if the EUR/USD breaks 1.4641 (preliminary confirmation) and then 1.4547, then the equities will likely collapse.
ReplyDeleteI think 1100 is next big resistance point
ReplyDeletehttp://i591.photobucket.com/albums/ss359/adamkhoek/SPbigpicture.jpg