Dec 6, 2012

S&P 500

      I suppose the last move down to correct at least 38.2% Fibo of this rally, which has started at 16-Nov-2012 and finished at 3-Dec-2012. 
I've labeled 1403.74 as minute A wave down, 1415.22 as minute wave B up, and would expect C wave down to unfold. I have labeled B wave as Expanded Flat. 

     Short term resistance remains 1415.22, and then 1424.81. Short term support remains 1397.57. If the price goes up from here and overcomes the resistance at 1424.81 I have to negate this count, in this case 1397.57 should be Minor wave 2.
Happy trading!

Dec 5, 2012


There is short opportunity on NASDAQ100 in hourly chart. The Head and Shoulders figure is the very well known pattern from the Dow theory.  The target should be around 2628 level. I also expect C wave to unfold and fill 100 % of A wave which is somewhere arround these levels (2632). A wave starts at 2698.54 and marks short term top.