Tuesday, November 30, 2010
SPX is done with wave B in a zigzag consolidation pattern and about to break the 1175 support which will be followed by a sell off to the 1150 level. We could even reach the 1130 level by testing the 200 day MA within the next 2 weeks but that should mark the low of wave 4 down by mid Dec and be followed by a final rally of wave 5 up with new highs for the SPX into the 1250-70 area. More on that as soon as the lows are in which should be early next week. The crossover of MACD below 0 level confirms the start of the next wave down as it did on prior occasions ( study chart). Little chance for even a flash crash the next days from an astro point of view as Mars squares an next day stationary Uranus we can expect quite some volatility.
Posted by getagrip at 4:47 AM