Last updated on may/28/2011
Similarity ??
The previous correction on the S&P500 (feb 18 till march 16) took 17 trading bars , exactly the same as the last correction from may 2 till may 25.
The external retracement after the first correction took the S&P to the 1.27 Fib extension at 1369.9 . If the similarity in time will also hold on the pricelevel we could see the same external fib extension to the pricelevel of 1386.5 .
Furthermore we see a bullish flag which will break if we can pass the 1336 level beginning next week
The external retracement after the first correction took the S&P to the 1.27 Fib extension at 1369.9 . If the similarity in time will also hold on the pricelevel we could see the same external fib extension to the pricelevel of 1386.5 .
Furthermore we see a bullish flag which will break if we can pass the 1336 level beginning next week
The Nasdaq has lost his leadership role for the moment. However the (purple ) w2 correction seems to be completed now and after the gapfill a break of the 2418 pricelevel will confirm a w3 underway.When this occurs we expect that the nasdaq will regain his leading role.
