General Overview for 04/11/2013:
Small Head & Shoulders Patter on this index and quite impulsive sell off from 1772 level might be firse clue for a potential trend reversal. This is the last chance scenario for a ENDING DIAGONAL WAVE 5 to materialize and first clue will be a break out to the downside below the golden trend line.
This kind of price progression that goes ABOVE the ending diagonal line is called OVERTHROW and it is quite common for diagonals. If there is no sell off below the golden trend line, then the probabillity of Ending Diagonal is will be lower and price might make another hight to complete five waves from 1640 low.
1783 – WR2
1771 – Swing High
1766 – WR1
1756 – Weekly Pivot
1750 – Golden Trend Line Support
1740 – WS1
1730 -1726 – WS2 | SUPPLY BREAKTHROUGH ZONE |