Thursday, March 27, 2014

Stock Market Breaks Head & Shoulders Neckline

By: Anthony_Cherniawski

I had thought that there would be another retest of the Broadening Wedge before the SPX resumes its decline. However, the decline has now extended beneath the hourly Cycle Bottom at 1844.15. Since then it has bounced above the neckline and may yet retest the Broadening Wedge trendline before resuming its decline.

Minor Wave 3 has the potential to be at least 2 times Minor Wave 1 in length, as I have anticipated in earlier analysis. The 50-day moving average at 1834.73 is next on the list of supports to be tested, then the lower trendline of the Ending Diagonal at 1825.00.

There is still work to be done, but good progress is being made.

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