Sep 18, 2013


Short term signal: UP - it will turn down bellow 1700
Intermediate term signal: UP - it will turn down bellow 1670
Comment: Nice present for the bulls and now the bullish scenario has higher probability.

Watch price behavior for clues:
- a rally higher underway - not more than a pullback to support 1675-1682 and another move higher.
- top is near and leg down to begin - sharp sell(not in sight at the moment)

Levels to watch SP500:
- 1710-1725 - resistance zone from different trend lines
- 1675-1682 - support
- 1627 support level
- 1598 is major support.

The upper boundary of the wedge reached as expected. It does not look like a reversal is around the corner. Bullish scenario green (with higher probability now) short living pullback, the trend to take a breath, and move higher after that. Bearish scenario red waves 4-5 to finish the ending diagonal and then more serious correction.

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