Friday, 13 August 2010

18:13 BST - SPX Update: 60 min chart

On the 60 min chart, there are signs of the indicators turning up, but they're not necessarily telling us we should be long. They're moves seem to be consistent with a possible 4th wave still in progress. The MACD histogram in particular suggests we should be due another leg down to get a higher trough low than the last trough low. That would be the signature of a 5th wave, at least that's the theory:

SPX 60 min chart:

So, the downtrend has lost some momentum, but there's no real signal to buy just yet. Well, that's my interpretation at the moment, but I'm keeping my eye on it for developments that might suggest rather more bullishness may be in store.