SPX's (S & P 500, http://bit.ly/i0nsT) upcycle since 5-25-10's 1040.78 cycle low appears to be bearish funky counter trend action (it's a bearish looking candle pattern); it's probably Wave 4 (and Wave B) up of the Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high, see http://bit.ly/i0nsT.
The inverse Elliott Wave 12345 down up down up down pattern (also an Elliott Wave ABC down up down pattern, read on) from 4-26-10's 1219.80 cycle high to 5-25-10's 1040.78 cycle low was probably only Wave A down! (and Waves 1, 2, and 3/down (1065.79) up (1173.57) down (1040.78), labeled on StockCharts chart) of the Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high, see http://bit.ly/i0nsT.
It looks like SPX (S & P 500, http://bit.ly/i0nsT) is heading for 900 to 950 in the upcoming Wave C/Wave 5 downcycle (a preliminary target range, that might/probably will get revised some after I get the gaps, do Fibonacci analysis, and put more thought into it). I need to get the SPX downside gaps in that area.
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