The high on 3rd January was expected to be strong resistance. This has proved so by holding that high until Friday last week. The DOW on Friday has moved above the MAXIMUM permissible level for this count; however, the S&P has ample room to move up to the top of the RED RECTANGLE. The issue that now needs to be resolved is whether a NEW DIRECTIONAL MOVE has begun, or is the index in some form of TOPPING PATTERN. The leaning towards a topping pattern is based on four
This update does not suggests nor recommend that any trading
position to be taken. This is NOT financial trading advice. If you trade, and
need assistance or advice, it is suggested that you seek a qualified financial
advisor in accordance to the rules and regulations in your country.