‘Before the open’ – Market Update – US Equities – 16 July 2008
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Written by Anthony Truong on July 16, 2008 – 5:43 pm
I have had to rearrange some labelling on my short term chart, but the overall view is the same. I am expecting an “ending diagonal” pattern to form – this implies a new low tonight, before we get a decent bounce into the range mentioned in my update of 13 July 2008 over the next week or so.
S&P500 Hourly Chart
After that, we’ll have to see how far up the rally goes before definitively saying whether or not wave 1 (of 3) is complete.
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