12 Sep 2008 Weekly Analysis (II)

SP500 daily chart and wave counting:

Here is the update of the chart in the last weekly analysis.

XLF daily chart and wave counting:

Update of the last chart.

I also have a SKF daily chart as follows:

SPX 60-min chart:

The upside target is 1270. After reaching (or overshooting) that point, I expect a downside movement. Will the rate cut by Fed be a stimulus to the spike? Let's wait and see.

XLF 60-min chart:

It was weaker than my expectation. I still look forward more upside movement before diving down.

QQQQ 60-min chart:

No touching it for now. It was the weakest but might become the earliest sector that bounces back.

QID 60-min chart:

It is bearish. Wait and pick it up later.

Here are three P&F charts.

SPX:

XLF:

SKF:

Intraday chart for ESZ8: