Tuesday, 17 August 2010

18:59 BST - SPX Update; 15 min ptichfork resistance and TA divergences

On this 15 min chart, we've reached the fork resistance I mentioned may be a possible target earlier and we have divergences on the indicators to accompany it, along with a potentially complete elliott wave count:

SPX 15 min pitchforks:

Whether or not this plays out, however, remains to be seen - we have to start taking out important levels to the downside. The 1089.05 level mentioned in my last post is the first one we need to go for the bear case.