Tuesday, August 18, 2009

WTI /SP Update

SP looks to be retesting the 990 failure point , also a .382 retrace.
There are E Wave counts out there that prefer another zag up from here . I am leaning more towards the top is in . Based upon the wave count I have ( a series of abc x's) this can roll over now. Additionally there is the well known history of vicious sell offs during Sept, usually culminating in an Oct. low and the August Effect, SP Pivot Pattern . Of course the Fed has been busy so you never know.







Sometimes if you "put the
boot in" early it's you that pays. Anyway this looks like a .618 retrace of the last little (3) down, and so would expect a series of lower lows to complete that 5 count down.

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