Friday, May 15, 2009

SPX Channel Update

Added a falling diagonal/wedge and the gap from 877 to 879 (lower brown box) and moved the retracement zone to reflect new low. Was that low right at the channel line? Yea, looks like it. Anyway, I am not all that positive it holds, but we'll see. as for the diagonal, that last low may have been an E point for a revrsal (may being the operative word). I don't really like the lower trendline of the diagonal either. I think it needs to be lower to get to my target. We'll see next week. Did anyone hear that GM is going to file for bankruptcy? That one may have been leaked better than the stress tests.

Have a great weekend.

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