23 Jul 2013

SPX prices are resting on one of the angles we drew up from a week ago.  Can it reach the 1700 level as price momentum gets weaker and weaker?  Our intra-day charts closed with a sell signal, and although we have placed a sell arrow, and because we are on an uptrend.  We would not initiate a sell or short overnight but only during market hours for intra-day trades.

Main-Trend: UP
Short-Term: DOWN

Intra-Day Signals... Signal at end of day for a sell

 

If we don't have enough energy to reach 1700 and we want to call a top here, then this is how this top can be counted under EW theory.  This fits well because 3wave patterns as an ending pattern is one of the rules to EW ending trend.  As it stands also, we do have a diagonal end to the pattern as well.