23.12 – 2008
Well, at so far it went up to 878 which is also 23.6% resistance. Then corrected 78.6% with expanding diagonal at 872 and now trying to hit 878 top again.
Nice small size rally or start of it, but so far it´s only technical bounce – we need to break this 23.6% fib soon to go more and it looks alike roof now. If we don´t breake this now, 50 % and/or 61.8% lows might be under work with 2 hours data chart and I am afraid they might. I am still a bit skeptical with this “wedge” pattern. Perhaps it´s time to lock up profits, leave the market and go to finish X-mas shopping project – it´s very boring ZigZag anyway. One minute SPX futures seems to build kind of bearish HS pattern now also. I do believe market willl build better long setup at some stage for / in January, but that entry setup we might need to wait.
Btw. did you noticed it was bearish HS actually SPX made in the very top of this diagonal, that one came down yesterday from right shoulder.
Enjoy your Holiday Season !
