Strategesis

Click on chart for larger view

S&P 500 Stock Index; Daily bars — Indicators on bottom of chart are of my own proprietary design

Based on the Elliott Waves, trend-channel and support/resistance analysis, and my interpretation of my indicators (involving not just this chart, but also the monthly, weekly and 4-hour bar charts,) the most likely scenario appears to be that the corrective action since the low in early August is not yet over. In fact, the $SPX will probably test the 1232 high it made on 1 Sep 2011.

This entry was posted on 2011-09-14 at 15:01 and is filed under education, elliott wave, technical analysis, technical indicator. 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.