Friday, December 18, 2009

12/18 - SPX AM UPDATE


This is how I'm counting this move down so far. I think the five wave impulse down stops at the Jul-Nov trendline support. A wave 2 retraces back towards the gap above, which makes for a nice 50-61.8% retracement.

If we break that trendline, then this could be a third wave down, with wave 2 where I have blue iv.

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