Tiptoeing along the razor’s edge…

Posted on Jul 28, 2013 by in Letters

 

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=7&dy=0&id=p10149991945&a=259588108

After 22 days and and 8% wave prices have reacted across the wavelet trendline.  As we have often pointed out it is the length of the trendline which is important.  In this case a broken 22 day trendline would not portend much grief.  But we never say never.  What is going on at the moment is prices are meeting news resistance and the old high resistance.  This is completely natural after an 8% wavelet.

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