Thursday, March 11, 2010

SPY Wolfe Wave-- Bearish view

On the daily chart, I can see a Wolfe Wave pointing to a bearish target. I'm not sure of the statistical success of this scenario, and entry is tough (see lower chart).

On the 65-min, I see another bearish Wolfe wave (lime green). The entry is below the lime green trend line and it looks like it's beign defended today. No weakness in this market (so far). Be nimble.

FWIW, IWM and other indices look similar.

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