I just did some analysis for SPX500. There are 2 charts daily and weekly. I used daily for short term and medium term and weekly for long term. Please feel free to comment.
Short term is bullish. Look like price will bounce off from 1821 and in very short term go up to 1923-1940 area. Then will be cap off by the top trend line of triangle pattern.
Medium term is still bearish. Price will consolidate as wave 4 (black wave on daily chart) is developing. I believe price will break 1821 support, it will go down to 1731 area to complete wave 5. This area will provide a nice support and price should bounce off from it. Break 1731 and price will likely to go down to 1577. I do not expect it goes lower than 1577 as I still see a long term bullish for stock.
Long term is still bullish. We are at corrective wave 4 (red circle on weekly chart) of the whole trend started in March 2009. and I still expect an impulsive wave 5 that will make another all time high. I will be buyer when price hit 1731 or 1577 area.
Short term is bullish. Look like price will bounce off from 1821 and in very short term go up to 1923-1940 area. Then will be cap off by the top trend line of triangle pattern.
Medium term is still bearish. Price will consolidate as wave 4 (black wave on daily chart) is developing. I believe price will break 1821 support, it will go down to 1731 area to complete wave 5. This area will provide a nice support and price should bounce off from it. Break 1731 and price will likely to go down to 1577. I do not expect it goes lower than 1577 as I still see a long term bullish for stock.
Long term is still bullish. We are at corrective wave 4 (red circle on weekly chart) of the whole trend started in March 2009. and I still expect an impulsive wave 5 that will make another all time high. I will be buyer when price hit 1731 or 1577 area.