Wednesday, February 10, 2010

Another SP Look


 
  click to enlarge
The choppy corrective bounce we are in is either a -2- of 3 , in which case it stalls somewhere around here, or turns out to be a 2 wave, as shown,  and carries a little higher. If a 2 then taking out the trend line and retracing 50% say @ 1094 or .618 @ 1107 might be expected. In any case, the bounce so far is NOT an impulse wave up. The important thing is NOT to be long during a 3 down .

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