Wave 4 Down (since 6-21-10's 1131.23 Wave 3 cycle high, Wave 1 peaked at 1105.67, labeled in the StockCharts chart) of SPX's (S & P 500, http://bit.ly/i0nsT) Likely Counter Trend Move Since 5-25-10's 1040.78 Cycle Low Might Bottom Tomorrow 6-24-10 (1089.63 downside gap/magnet got filled today; the next gap/magnet is at 1055.69), see http://bit.ly/i0nsT, and, note the somewhat bearish red candle (close below the open) with a spike again today, that also has a larger inverse spike. Very light SPX volume today, about 3.7 billion shares, suggests that SPX is probably still in a Wave 4 down move. Then, a
very sharp Wave 5 up move is likely for (at least) a few sessions (watch the 1157.43 upside gap/magnet), in which SPX's upcycle since 5-25-10's 1040.78 cycle low should peak.
SPX (S & P 500, http://bit.ly/i0nsT) has done (likely scenario) Wave 1 down to 1065.79, Wave 2 up to 1173.57, and, Wave 3 down to 1040.78 on 5-25-10, all labeled on StockCharts chart, of the Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high, see http://bit.ly/i0nsT. The current upcycle since the 1040.78 cycle low on 5-25-10 is probably Wave 4 and Wave B up of the Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high. SPX Appears to be Headed for 900ish, see http://goo.gl/fb/XdaE7.
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