Strategesis

From Safehaven.com:

So what is likely going on now? The market spent most of the time last week in a range and chopped up traders, when we see price action like that, its classic of a 4th wave, potentially a triangle or flat pattern.

So with that in mind, the idea of a 4th wave of smaller degree from the highs at 1270SPX started to make sense, late last week, and staying under 1280SPX keeps the trend lower and potentially seeing under 1248SPX from here to complete a 5 wave decline as well as a larger expanded flat pattern.

Continued

This entry was posted on 2011-06-26 at 10:44 and is filed under technical analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.