My "very short term guesses" is playing out as thought....
The SPX broke down yesterday into the 1095.25-1093.50
region bottoming at 1094.01 and has now bounced up to my
targeted area at 1103.09....in what looks like 3 waves.I would have
thought we correct the push up and run one more time higher but
doesn't look like it will now having corrected more than .786 of
the run up off the 1094.01 mark.
It can still head higher, but a break of 1094.01 would suggest
the next leg down is in progress.
so far so good
very short term guesses into tomorrow
Posted by perthx on 24th of Feb 2010 at 10:24 am
My "very short term guesses" is playing out as thought....
The SPX broke down yesterday into the 1095.25-1093.50 region bottoming at 1094.01 and has now bounced up to my targeted area at 1103.09....in what looks like 3 waves.I would have thought we correct the push up and run one more time higher but doesn't look like it will now having corrected more than .786 of the run up off the 1094.01 mark.
It can still head higher, but a break of 1094.01 would suggest the next leg down is in progress.
so far so good #2
Posted by perthx on 24th of Feb 2010 at 10:42 am
Well looks like it wants to run up again... target #1 is 1104.58 and target #2 is 1110.19. I'm thinking 1105 will hold it.
looks like a 5 wave so 3-3-5 for this bounce off yesterday's lows...assuming I am correct.