PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

«
»

Nov 22nd, 2010: Update 2 – Morning

Posted by pugsma on November 22, 2010

11:35 am EST:  So far the overlapping nature of the waves down look corrective and are forming a potential bullish falling wedge pattern.  This fits well with the c-B-(b) flat scenario that has already tested 1190.00, with 1189.44 being the wave a-B-(c) low on Friday.

SP-500 5-min chart (11:30 am):

10:50 am EST:  We are looking for a 5-wave move to either 1187 or 1184 targets.  So far we have 3 waves down to 1191.10.  If we don’t get 5-waves down to complete B-(b) and get only a 3-wave move, then B-(b) might play out as a triangle wave between 1187 support and 1200 resistance and take a while longer.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=e5ccdf8a-fa3f-481e-9690-9529d55bc5b6

SP-500 5-min chart (10:40 am):

This entry was posted on November 22, 2010 at 10:46 am and is filed under SP-500. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Sorry, the comment form is closed at this time.

«
»