Wednesday, October 14, 2009

SPX - 10/14 UPDATE





Art Cashin summed it up earlier in the day and I have stated this before; this reminds me of the dot com bubble.

No real bearish count potential here. I just want to point out a potential target area for this move to complete and possibly the end of P2. The target area I'm showing is between 1100-1107. This area is highlighted by the blue rectangle.

If the current intermediate wave C is counted correctly, the proper trend channels may indicate the potential end for C of P2. The top of the trend channel coincides nicely with a 61.8% Fibonacci fan retracement from the October highs through March lows.

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