Following on from last week's post and post today's price action, the 1,250 price target on the 5x3 H/L P&F has been activated (the current column of 0's) going below the previous column (of 0's).The bears have made some inroads in recent days BUT:
* there are two minor bullish support lines to push through,
* there is also an active target of 1,400 still in place
* and it can also be seen that since March there have been two previous occasions where the bears have pushed the market lower, only for the bulls to come back in and push the market higher (although the first one was the Fuskshima sell off/recovery).
Note also that the S&P did pull back from the intra day low to close at 1,329. If it can get back up to 1,335 tomorrow, this column of 0's will reverse in to a new column of X's (as the 3 box (5x3) 15 point revesal will be satisfied).
We are at a bit of an impasse here - the downside target is active but its not compelling.
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