Wednesday, 31 October 2012

S&P 500 (USA) WEEKLY CHART ANALYSIS UPDATED WITH ELLIOT WAVE COUNTS OCT 31 2012.BEARS TO GAIN CONTROL SOON?

The chart of S&P 500 (USA) is starting to look like a topping-out pattern is in progress which should worry plenty of bulls. The recent climb of the markets has now started to consume a lot of time with minimal price gains when compared to the previous downswing (refer to the chart for details). A bearish wedge is forming (shown by red converging trendline) within a large expanding triangle pattern(Black trendlines). The first sign that the bears are gaining the upper hand will be the break of 1354.

BEARS TO GAIN CONTROL OF S&P 500 SOON?














Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours

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