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S&P 500 "Corrective Uptrend"


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Jul 27 2010

The S&P moved above the 1100 region on Friday, and even higher yesterday with moves towards the 1114 region. The price action suggests that a red wave 3) of blue (C) is now in process, which is trading close to 161.8% and 261.8% Fibonacci extension levels, from where we may see some down-side pressure, into a corrective red wave 4). Overall, bulls remain in play as long as the prices trade above the 1088 wave 1) top.

S&P 1h chart:

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