15 August 2013

S&P500 : Daily SHS

  • Longer term charts remain in good shape.
  • Short term however, a close below 1674 will confirm a SHS top on the daily chart. Good for 30 points to about 1644 only though. Not terribly exciting but may be worth a quick punt given the dearth of good ideas here. Wait for confirmation on a closing basis.
  • Can also make out a completed 5-wave upmove on the daily chart. Also re-trade back below previous top at 1685 adds to the bearish short term outlook.

1 comment:

Taichiseal said...

Not having my usual sell stop-in at 1673 and instead, waiting for confirmation of closing break before putting on the short position has cost me dearly. Closed at 1655, too far away from my intended entry near 1673.

Now will just have to wait for pullback towards SHS NL to establish short. Patience. Will almost always get a 2nd chance.