Thursday, 9 September 2010

15:15 BST - SPX Update: SPX Daily time and price chart on track to turn the market?

This is the update time and price chart I posted on Monday, suggesting that we're nearing a top of some sort, if we haven't already seen it today:

SPX Daily - time and price:

The time and price resistance is consistent with the completion of 5 waves up from the August lows. Of course, this chart can't tell us what that 5 waves represents - we have to use other techniques to try to work that out. Still, although its not, of course, guaranteed to work every time, its looks on track at the moment to turn the market at least temporarily.