SP500 Update

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Most of the EU and US Indexes met key levels and did the "unexpected" very sharp bounce (SP500) from 50% Fibo level of potential  Minor1st of Intermediate 5th of Primary 3.

Next chart is the SP500 volatility and as we see we'll get back on the bull trend. 

Good luck to all.

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SP 500

          Medium term SP500 might found support at 50% Fibo retracement of potential Minor first of Intermediate fifth of Primary third wave sinse 3/6/2009. The price could drop to lower  $1710 level and hit 61.8% Fibo.

       This suggesting is based on the Fibonacci extention sequence, i.e. every third wave in this bull market unfolds to 161.8% Fibo of the first wave. If we follow this ratio then Primary wave three target should be far and away from here.

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.

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Happy trading!

NASDAQ100

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.

DAX

The EU market is upside oriented today as well. I can suggest to play this bullish strategy as long as the market does not go below 5773. I expect a direct rise to 6062. Buy around to 5890 to play a rise to 6062. The invalidation level  is at 5773.

                                                                      Good luck#