SPX's Wave A Down of Wave C/Wave 5 Down Might Have Bottomed Today 7-1-10

SPX's (S & P 500, http://bit.ly/i0nsT) Big

Wave A Down of Wave C/Wave 5 Down (Since 6-21-10's 1131.23 Cycle High) Might Have Bottomed Today 7-1-10, see

http://bit.ly/i0nsT

. 6-29-10's extreme conditions (volatility/-3.10% and volume/

5.30+ billion shares

), plus, additional downside since then (-1.01% on 6-30 and -0.32% on 7-1), point to an imminent cycle low. Note today 7-1-10's bearish red (close below the open) candle, but, with a bullish large inverse spike (tends to mark important cycle lows (semi important in this case probably)). Also, SPX volume was high today, at about 5.50+ billion shares.

Negative/bearish breadth today suggests that the big SPX Wave A Downcycle since 6-21-10 might not have bottomed today, see http://finance.yahoo.com/advances. Also, VIX fell -4.86% today vs SPX down -0.32%, which is a very bearish indication for early tomorrow 7-2-10.

SPX (S & P 500, http://bit.ly/i0nsT) has done (likely scenario) Wave 1 down to 1065.79, Wave 2 up to 1173.57, Wave 3 down to 1040.78 on 5-25-10,

and, Wave 4 up to 1131.23 on 6-21-10 (the upcycle from 5-25-10's 1040.78 cycle low until 6-21-10 failed to do an Elliott Wave 12345 up down up down up pattern, which is a very bearish sign),

all 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 (likely scenario) SPX (S & P 500, http://bit.ly/i0nsT) is heading for 900ish in this Wave C/Wave 5 downcycle since 6-21-10 (might get revised some after I do Fibonacci analysis and put more thought into it), because, there are downside gaps (below 1000) at 975.15, 940.38, 905.84, 855.16, 825.16, 811.08, 768.54, and at 676.53. 905.84 is the likely final gap to get filled in this Intermediate Term Downcycle since 4-26-10's 1219.80 cycle high, partly because there's a large distance from 905.84 until the next downside gap at 855.16.