The ES futures could change everything overnight, but here is what I see right now. I favor a break lower to 1053 tomorrow. But if SPX gaps up or down severely then things could change.
Chart 1 below - The current coil on 9/17 points to a target of either 1081 or 1053, depending on whether it resolves up or down. The third alternative is that the coil doesn't break either higher or lower at the apex and instead resolves into a narrow range.
Notice how the upside targets are all similar: 1081, 1087, 1088, all calculated during different time periods.
Chart 2 Below - The V upmove from March has a target of 1087 (Chart 1 below).
Chart 3 below - The 9/3 upmove target is 1088 (100% Fib)
Other tidbits (no charts posted for these)
1. The ES futures 60 minute chart also shows a broadening formation, which you cannot see in the SPX.
2. The ES also shows a potential (not fully formed) M double top bearish, which just shows in the SPX as the 2 candle harami instead.
DETAILS:
Chart 1 below - The current coil on 9/17 points to a target of either 1081 or 1053, depending on whether it resolves up or down. The third alternative is that the coil doesn't break either higher or lower at the apex and instead resolves into a narrow range. RSI and MACD both point down and suggest a break lower, BUT it's close, and the stoch might do a bullish cross. Further, SPX is sitting right on 60min support.
Chart 2 - The V upmove from March has a target of 1087 (Chart 1 below)
Chart 3 - The 9/3 upmove target is 1088 (100% Fib)
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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