Thursday, May 16, 2013

Morning Charts 05/16/13 SPX /ES

Nothing to say so here is a journey thru some of my ToS SPX charts.

Minis 30m -

All the rest of these are SPX charts from ToS -

Triple top - note the channel for this latest run and where price is here. I know, at least to me, that price hitting the upper side of this channel we've been watching for years was at one time inconceivable.

A closer look at the channel off the 667 lows and its fib. Note the, what should have been, endign wedge formation and the breakout above that formation.

A closer and more detailed look at the wedge and the breakout. Note we're approaching the apex of that wedge which could become a significant point. Note the four fibs and retracement points. The largest channel off the 667 low is in red.

Now the November channel run that led to the wedge breakout. Note the channel 50% diagonal and how it has been in play all along.

And the latest channel to the stratosphere.Note the gaps in brown and the island bottom they left (blue gap) down at 1565.

As usual, more to come below. If you are looking for lots of news, RC and I went on a posting binge last night. the comments section from late yesterday has almost every news point you could want to see.

Have a good day.

GL and GB!

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