12 Feb 2014

A brief start at a higher high this morning, but prices have remained sideways to down throughout. The ES managed to close the day in positive position, but the SPX fell short.  The daily chart of the SPX is also sporting a reversal doji.  Any downturn now will need to test the support at 1810 - 1812 area.

MT: DOWN
ST: UP
PA: NA

 

There is a possible count that would take us to higher highs and to the 1860 target to finish of the Month of February.  This possibility puts us at a late Feb CIT or early March CIT.  Our ST still remains strong and this is very plausible.  But this is just a theory and we definitely should follow our indicators.

 

The chart below illustrates a subwave 1 that could extend up to 1900 SPX.