Saturday, May 23, 2009
SPX Channel - Still In Play
Look, it is still working. Look at the last hour of action. A bounce to the 25% line and pullback to close at the 50% line. Some of you don't like it, but at this time these trend lines are hard to ignore. I have been able to use these trend lines to time intraday moves as the price and indicators interact with them. Brown rectangles are gaps. Blue rectangle is the 50 to 61.8% retracement zone. Red diagonal trend line is the LT support line of this corrective phase. I may come back and give some more analysis later, but it is a holiday weekend. I have added this to my $SPX 5min Chart stockcharts where it will be more functional, but I have not updated it at this time. My 30m chart will be best for it so look there later. Have a great holiday.
UPDATE: My 5 and 30m charts have this channel included now.