SPX: Follow Up of the Short Term EWP

By: TheWaveTrading | Tue, Apr 2, 2013
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DOUBTFUL REVERSAL PATTERN

If the scenario that I have suggested in the Weekly Analysis last Saturday is the correct one: " But since the "thrust" out of the Triangle is also corrective I have to consider that price instead of unfolding an impulsive wave (C) = (Z), from the November 16 low, it will unfold an Ending Diagonal therefore the top could be delayed 1 or 2 more weeks.

Potential Target range for the pending wave (C) = (Z):

Below I repeat the SPX 60 min chart with my preferred count of the up leg from the February 25 low, which I posted last Saturday.

SPX 60-Minute Chart
Larger Image

Despite an aggressive distribution day so far we have a 3-wave down leg therefore in order to consider that the move from the February 25 low is over we need a 9-wave (impulsive) structure, while a 3 or 7 wave structure without breaching the pivot support located at 1551.90 will suggest that the Triangle thrust is not done yet.

SPX 15-Minute Chart
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TheWaveTrading

Author: TheWaveTrading

TheWaveTrading

Contact: If you would like to contact the author, you can e-mail him at thewavetrading@gmail.com

The main objective of this project is to share my views on several markets and asset classes.

In the initial stage TWT website will be a free service.

My main focus will be the equity market with SPX being the leader but I will also follow US equity sectors, major European indices, fixed income, currencies and commodities markets.

My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines and investor sentiment.

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on the long and short side and mainly with leveraged ones (2 x & 3 x).

The advantage of ETF investments is that it allows getting involved in equity indices & sectors, currencies, fixed income, commodities etc.

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/