Apr 7th, 2010: Channeling
Posted by pugsma on April 7, 2010
4:00pm: Bounced right of the 1177 pivot (now support). This is bullish behavoir. Looks like the 1177 was a 62% retrace for wave (2)-5-[5]. Wave (3)-5-[5] could be underway with targets up near 1230 area. Alternatively, we could have put in wave (4)-5-[5] at 1177 of an ending diagonal with a wave (5)-5-[5] targeting the 1200 to 1206 area next week.
SP-500 60-min Chart (EOD):
11:15am: What a beautiful E-wave structure and channel on the 60-min chart. Just how high will this wave 5-[5]-P1 reach?
SP-500 60-min Chart (11:15am):
8:35am: ES futures have dipped to 1180 (1184 cash). As shown in the 15-min chart the key levels to watch on the the wave 4 or (4) pull-back are 1181 and 1177. Need to hold 1177 to have a shot at 1200 in the near term.
SP-500 15-min Chart (EOD, 4-6-10):
SP-500 ES Futures (8:20am):
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