I think the B wave of the 2 of 1 of 3 (we might be half way thru the first upwards corrective) might be done. 2's and 4's can be difficult to count at times and this one may shoot straight up or zig-zag. We do not know. My targets range from 1067 to 1091 at this time.
SPX 60m chart - Really curious with what happens with the trendlines in the indicators. RSI is sitting on the 50 line and it's 20EMA which might lick it back up. I do not expect the upper RSI trendline to break for a long time. This chart is slightly overbought and might get worse.
SPX daily chart - Looking at this chart RSI says upside may be limited as it battles to get back thru the 50 line, but S Sto is embedded with a possible bull cross and MACH HIST is turning up, so there could be some bullish under currents.
SPX 15m chart - This is what I see happening with targets. See the possible IH&S pattern? If the daily indicators kick up this will play out nicely for the bulls. If not SPX may just consolidate in the triangle and then fall.
E-mini 60m - That pesky lower P2 trendline just will not go away (lower blue line). the lower red line is a 38% retracement of the move up off of the 866 low. It appears to be wedging, but I expect it to break that top line and get up to the 1070 range if not higher. Is that a possible inverted H&S with the head at the 1026 low and we're coming out of the right shoulder now?
$DXY 60m chart - Dollar getting pummeled which is bullish. Almost completed gap fill and approaching lower trendline. Somewhere around 75.25 may be the turning point if not a double bottom (or worse?)
See my gold and UNG posts below.
GL trading!
