Luna $ Ticks

August 1, 2008

SPX Top 07/23/08

Filed under: Trading SPX SPY — moontrader @ 4:45 pm

[[[ I recently set up this blog to show my charts, this is an imported old post ]]]

Notice how the upper legs in the previous waves become shorter over time, while the down legs become larger, until in the F5 series the upper leg is shorter than the leg to the downside. The fact that we had a huge leg up again between July 15th and July 23rd might indicate that the trend has reverted, but still we’ll go down between 23rd and Tuesday (+/- 1 day). It’s not so clear the target, but overall sentiment should be similar to that of 07/15, when the SPX touched 1200.

After 07/29 (or 28th), the market should rally to the 1320/1330 level.

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