Monday, September 28, 2009

SP Hits .618 Retrace

Sp hits a very likely candidate , the .618 retrace point , for the end of corrective bounce back up. Label it 2 of a greater degree.
If that is the case, the next structure down will start to gain momentum and accelerate as a 3 and we will see some prior lows start to get taken out.
Given the extent of the work taking the shorts out over the last 6 mo.s the potential for large retraces offering entry points during a 3 down could be minimal.

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