Friday, February 25, 2011

S&P 500 ~ Intraday Update 1 ~ 25 February 2011

When I looked at the chart this morning I thought we'd seen this pattern before:

Jan 20/21th looks very similar imo:

When I zoomed out I noticed that the fractal is actually much bigger:

(Jan 18th = Feb 18th; Jan 20th = Feb 24th)

As you can see the fractal and the EW count support higher prices. There is a slight differnce though, while the fractal says we should see new highs I think we'll only see a correction up to the low 1320's to complete a second wave (a break above 1325 though would lead to a new high imo).