Thursday, October 16, 2008

10/16/2008 More Thoughts

I updated the harmonic butterfly chart from yesterday.  That is not a prediction of price but actually just something to watch in case it forms.  If the lower low (X on the pattern) is broken I would look for it, and I would look for it too if C is put in into my target and does not go higher.  A move above the A point violates the pattern.  I also adjusted the fibs slightly.

10162008SPXButterfly

Today's market action actually seemed fairly bullish, but OE is tomorrow so all bets are off.

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