9 Apr 2013 Early Post

The markets seems to like our first choice of a higher price and as it stands we are looking at the minimum that has been met by a 5th wave up.  Whether this is the 1st of a 5th is to be determined but that would mean extending the 5th wave longer than the 1st.  Our target is the 1580 to 1600 SPX, so we may still see it and won't be surprised.

ES 60Min:

SPX 5min:

 

After the Close:

We had a good reversal at the end of the last hour, but it could just be a process of a 4th wave.  But our 60min Stoch. has turned down and technically the Mid-term trend is still down since our Indicator will not print its close till the end of the week.  Therefore caution should be taken for long position even if we grind higher.  We have a squeezing BB and most of the time it tells that something is about to happen.  We also have not seen the SPX all-time high, and if we keep inching up like this the harder it is for bulls to carry that momentum higher even if we break SPX all time high.