Wednesday, March 6, 2013

03/06/13: target 1535 then 1560 into Friday

Quick update - SPX opened to make another new high at 1545.25 then chopped around into the close to end at 1541.46.  Trading range remains relatively narrow.

Today completed what appears to me the wave a and b of wave iv and is now in the process of finishing wave c.  I think target for this wave c is looking like 1535 tomorrow.  This is both (minor) trend line support and also the 20 EMA on the hourly.  If I'm right, I'm expecting the stop at 1535 to be very short lived.  It would present the last major buy point up into 1560.  At present time, it's still BTFD mode.

OBV has declined further so it indicates to me that the pullback is not complete yet.

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