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.
Comments
4 responses to “Update on NDX: May 8, 2012”
“….which the large red RW crosses around May 16.”
Lost me there.
The big red wedge lower bound is at that price around May 16.
PW
Thanks! The big red wedge is yellow on your picture I have here.
Sorry about that. Moving kinda fast today!