1260/50 in the Cards for S P 500 Index?

15 February 2012

by Strawberry Blonde

Possible scenario for the S&P 500 Index...it drops and holds below the Weekly consolidation level of 1340ish, as shown on the chart below, down to a Fibonacci and price confluence level of 1260/50 to form a potential right shoulder of an IH&S pattern or the handle of a cup & handle pattern before resuming its upward trek.
Probable scenario? Time will tell...

1260/50 in the Cards for S P 500 Index?

Read more http://www.strawberryblondesmarketsummary.com/2012/02/126050-in-cards-for-s-500-index.html

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Comments

0 #1 RyanMallory 2012-02-15 23:28

Great Post - Enjoyed it - I had yet to do a fib retracement on the S&P's run-up so thanks for that.

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