SPX (S & P 500) is Probably Still in a Likely Counter Trend Short Term Wave 4 Upcycle, since the 1258.07 cycle low on Thursday 6-16-11, see http://stockcharts.com/freecharts/gallery.html?s=spx.
Today 6-22-11's cycle high at 1298.61 is probably a Very Short Term Wave 3 Cycle High (up down up down pattern on the daily chart since 6-16-11, and, an up down up down pattern on the 5 day chart at http://t.co/gvft3SR), and, SPX probably closed the session in a Very Short Term Wave 4 Downcycle. Light SPX (S & P 500) volume the past two days also suggests that the Short Term Upcycle since 6-16-11 didn't peak yet.
Trading Roadmap: WATCH SPX's downside gap/magnet at 1278.36 from yesterday 6-21-11's open, see http://t.co/gvft3SR.
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