Tuesday, December 8, 2009

SP Teeters ( Surprise)

click on chart to enlarge
That trend line has been working for awhile.  A corrective bounce back up, to  retest  the break below 1100, would be very normal. However, given the the  long term Elliott Grand Super Cycle bearish count , the SP retreat from the 50% retrace point, and the Euro developing weakness below its 6 mo. trend line, downside risk is high. Bounces should be exploited.

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