Friday, 20 August 2010

15:59 BST - SPX Update: 5 min pitchforks

If wave (5) of [1] of iii is going to extend (I suggested this possibility in my ealrier post), this blue fork on the 5 min chart may well tell us. If its broken to the upside and we don't reverse quickly back down into it, chances are we saw the wave [1] low at 1066.48. If we're extending down in wave (5), we're likely to stay in the fork and at least head towards its median line again:

SPX 5 min pitchforks: