Update on NDX: May 8, 2012

UPDATE:  May 8, 2012

The past two forecasts are still holding up well. I still believe we’re likely to test the large red rising wedge as detailed below.

The completed H&S pattern targets 2446, which the large red RW crosses around May 16.  It also permits a wave down that doesn’t overlap with the October highs, which seems the most likely case.

The RSI falling wedge we looked at last week is still progressing.


Update on NDX: May 8, 2012 — 4 Comments