Thursday, April 21, 2011

S&P 500 ~ Intraday Update 1 ~ 21 April 2011

The SPX is up again today and now right at the neckline of the inverse H&S.

As mentioned a few times already a break above the 1340ish area should lead to a rally to way above 1400.

It looks like wave [i] of 3 will be completed very soon. A mild correction should follow (wave [ii]) before wave [iii] of 3 to 1400+ will unfold.

I'll have more on the SPX, the EUR/USD and PMs after the close today.