Saturday, March 7, 2009
695 price channell resistance as well as the corresponding rsi wedge top should form resistance initially FIRST OF ALL out the gates before anything else.
To obtain the "The Free 725 SPX tickets"......
they will be ONLY be handed kindly out WHEN the 60min RSI crosses over 50 and HOLDS over 50 for an hour. Ticket maximum value is subject to decrease, the longer they take to become valid (ie the longer it takes to cross 50 on the 60min rsi)
Impression: there is an extremly pure RSI wedge channell formed the 60min spx chart. Respect it, Be prepared to play the breakout, to the upside (close shorts, open longs) when the wedge does decide to breakout to the upside.
**This ALSO applies to breaking DOWN below the support of the wedge, and playing that accordingly as well, however i lean on this as a far more likely BULLISH t/a developed buy signal upcoming i plan to trade, b/c of the Positive divergance developed. But the chanell is to respected both ways of a breakout or breakdown, and one is coming very soon, simple math. **
**correction to chart, support is 660 (as of now)...however true/pure support remains the decending line of the channell, 651 is an external fibonacci retracement level as well**
Posted by Erik at 2:47 PM