Friday, June 4, 2010

SP Verging

click to enlarge
Just about to to take out the rising wedge support, after a clear abc up, retracing 50% of the move down.
The count is calling for a -3- of 3 down from here and that is typically the most violent and extended leg . 
The -1- down was from 1218 to 1040 or 178, using the common  -3- = 1.618 of -1- measuring method we get 288 points or 820 as a target.
The .618 retrace of the 666 to 1218 corrective rally is 877. Even a very modest -3- = 1.38 of  -1- puts the SP under that 877 level.


Good Luck


Good Luck.


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