Monday, October 26, 2009

SPX - 10/26 AM UPDATE





Once again, I do not have access to my normal charts, so I will add on to the one I posted last week as a temporary count.

Price is behaving as expected. That wave ii (red) retraced approximately 78.6% just like wave ii (blue).

I believe this is a clear wave iii (blue) that began today as anticipated. I posted this last week.

1060 is most likely the first target (at gap support), which is where I think wave iii (blue) is headed. However, I think 1040, again as posted last week, will be where price is gunning for near term.

We will see!

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