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Saturday, 10 November 2012

S&P500 Futures H4 & Weekly Update + Regression Channel

Last wave down, wave 5 black, after very short wave 4 black is defintlty in five waves so it can't be wave b of Expanded Flat leg one on wave a of wave 4. This is why I had put the bottom on this count. Nevermind it does not hit any significant Fibo levels.

If I;m wrong, we will have one more wae down as a wave 5 black and then correction.

On the weekly chart we have a close under red trend line break. I think that on friday we got this line tested from the downside and the index might plunge even deeper.

There is an almost perfect price action if we put the Andrew's Pitchfork on chart. In this example grey is the orginal one and navy is Schiffs modified fork (time same, price half).

Daily regression chanel is in itermediate buy zone hitting blue confidence interval. On the H4 TF it looks like it might get extended to the downside.


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