Thursday, July 30, 2009

SP LOOKOUT


Taking OFF. Got the looked for new high and believe we are now in the final stages of a double zig zag from 941 targeting 1010 if c=a. Additionally that is the final structure in a double zig zag of larger degree from 666. The .382 retrace of the entire SP move down from historic highs of 1565 to 666 targets 1010 as well. Easily within todays reach. Since this is potentially a "II" wave or B wave ending the subsequent "III" or C wave down could EASILY put in NEW lows under 666. Shorter term, after markets go ballistic there is no room for faltering. The most minimal pullback here, ie below 975, would signal a serious loss of momentum.

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