Sunday, April 19, 2009

4.19.2009 Wedging Fib Channel

The 30 minute SPY chart has all the markings of a Fibonacci channel, but the downswings are wedging up. This also could still constitute a Three Drives Pattern.

If 855 or so is broken through tomorrow decisively, then I would expect a deeper retracement of the entire structure (the black lines).

sc

No comments: