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The Hunt For Green May

I am still hunting for either the iv-th wave or the 4th wave based on this 'bird's eye view' of Spx:


The most promising so far is a potential Bull Flag:



This is the first time 'lines in the sand' can be drawn by the bulls with some confidence in trading this markets for a possible Swing Trade to the upside.

Major Supports remains the daily 100ma at 1345 and the Feb 18, 2011 high of 1344 just in case Spx produced another lower lows on intraday.


I bought SSO today for a Swing Trade and also bought some NQ on this run down. Will use the 1399 'Demarcation Line' as a stop loss provision just in case something really bad happens in the next few days.

For the moment, concentrate on Trading Strategy first for entries and exits. Will worry later whether it is a iv-th wave or a 4th wave if Spx starts making a good rally in the next several days.