Friday, October 16, 2009

SPX - 10/16 PM UPDATE



This is what I have going for SPX. I still put that question up at the top. Was 1096.12 the top for P2?

Wave 5 is still divided into the Golden Section by wave 4. EWP states this guideline "is somewhat loose in that the exact point within wave 4 that effects the subdivision varies." (EWP pg 137)

There is a nice looking impulse off the top and a 1-2 structure so far. Wave 2/[b] retraced 61.8% of the pullback off the 1096.12 top.

Based on this structure, I think we go lower first thing Monday. Some are even talking about a gap down, that could be fitting for what appears to be a wave 3 setting up.

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