Friday, 13 August 2010

15:49 BST - SPX Update - 5 min ptichforks

Here's some more pitchfork action. If this stuff doesn't interest you, don't worry - just click the link at the top of this blog that says "Next blog". I have no idea where it'll take you, but I hope you'll be very happy!

Price is trying to stay within the new upward green fork, but is getting resistance from the upper lines of the downward pink and red forks and the lower line of the blue fork that it broke below yesterday:

SPX 5 min Pitchforks:

If we need a wave [5] down to complete this move off the 1129.24 high (see my earlier post), we're going to break down again below that green fork and probably head towards the median line of the pink one. If its a wave [5], we may not get all the way there, which would be a potential sign of an end of wave [5] and i and the start of a wave ii up - obviously a stronger sign if we see 5 waves down from today's high also.