$rut is completing the expanding triangle.
since the beginning of 2011, $rut has been using the upper, middle, lower red Fibo fan lines as MT supports and resisatnces for most of the occasions. here $rut is at the resistance.
the recent most relative strong index $indu nearly touch the brown mid Fibo fan line, pink circled.
as shown on the chart, there are three pink circled area as resistance since Feb 18, 2011 high.
also there are one green circled bottom on Mar 16, 2011. another green circled mid support during early to mid March before broke down toward the lower green circled support area.
it seems obvious that this Fibo fan lines act as magnet to $indu target prices. if $indu turns down from current pink circled resistance area, the initial support could be the brown lower Fibo fan line as a function of time, then review from there.
it might stay around the brown mid line for some time that similar to early Apr, it could also go straight down from here which similr to the cases of mid Feb and mid March.
on the other hand, if go beyound and stay above the brown mid line, could be bullish and targeting the steep upper brown line (i do not see this will occur as considering code blue and other factors).
if $spx has more upside to go, consider the green mid pitch fork and 2618 fibo extension as red circled as upside target.
even though with last couple days' rally, fear factor is neutral toward fear zone, potential of favor more rally from here as long as the rising wedge of indexes do not break down.
4). 15:30pm ET cycle
pink equal boxes timing indicates more up time for bulls.
seperately, $vix timing also indicates this potential.
5). market close update and the rest: contact me if you want one.
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