Thursday, May 5, 2011

S&P 500 ~ Intraday Update 1 ~ 5 May 2011

The SPX hit the support area at 1330-40 again this morning and we've seen a rally to 1348 since then.

As you can see in the chart the downtrendline is about to break to the upside thus it's possible that wave [ii] is completed and wave [iii] is underway now:

A break above 1370ish confirms that wave [iii] to 1410-20 is underway.

I'll have more on the EUR/USD, Gold and Silver later.