Tuesday, April 14, 2009

Lets head to 74.5...

The wedge looks like it will break down tomorrow. If we manage a gap down then we can form an island top. If we can gap below the dotted trendline it should act as resistance going forward.
Still working on mapping out several valid e wave variations...the above (3) give you a hint of the one I am leaning towards right now.

While we are close to breaking out of the wedge on SPY...the equivalent $VIX wedge is not even close yet.