The SPX counted a daily SEQ 13 today and made a hourly 13 in the last hour. Basically that gives a probability that we have seen the low for this week as we are in expiration week. As mentioned in earlier blogs for now the 850/60 support might hıold but within the next 3 weeks I rather expect a test of the 815 support at least but actually even the retest of the lows is a probability for this wave. It will happen at some point of Q1 2009 and the current price action hints for the current wave to play out as wave 5 down. The confirmation though is due next week as more indices will print SEQ 13's and to drop below that at some point is a technical evidence of bigger downside momentum. The weekly charts do imply that as does the VIX once the 13 counts have been finalized to the downside.
Monday, January 12, 2009
SPX technical update
The SPX counted a daily SEQ 13 today and made a hourly 13 in the last hour. Basically that gives a probability that we have seen the low for this week as we are in expiration week. As mentioned in earlier blogs for now the 850/60 support might hıold but within the next 3 weeks I rather expect a test of the 815 support at least but actually even the retest of the lows is a probability for this wave. It will happen at some point of Q1 2009 and the current price action hints for the current wave to play out as wave 5 down. The confirmation though is due next week as more indices will print SEQ 13's and to drop below that at some point is a technical evidence of bigger downside momentum. The weekly charts do imply that as does the VIX once the 13 counts have been finalized to the downside.
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