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 on Monday 6-28-10 (VIX -4.07% today vs SPX up +0.29%, a very bearish indication), watch the gap/magnet at 1055.69, see http://bit.ly/i0nsT, and, note the modestly bullish white candle (close above the open) with a modestly bearish spike today.
Heavy SPX volume today, about 4.9+ billion shares (updated to 5.743 billion shares later on, which makes it more likely that SPX bottomed on 6-25 or will do so on 6-28) vs 4.1 billion shares yesterday 6-24-10, suggests that SPX's Wave 4 down move might have bottomed today, or, might do so on Monday, because, the big money appears to have been buying in a meaningful way. Then, a
very sharp Wave 5 up move is likely for about a week (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.
No comments:
Post a Comment