Tuesday, August 31, 2010

SP Update

Do you think the low will hold?
 An abc up to retrace .618 of the preceding leg. Looks kinda like a 2 wave to me.
After a whole series of 1, 2's of ever lesser degree....like  18 mo's worth,  it's definitely going to be interesting to watch the 3 unfold. At some point way down the road this will of course make pinpointing the penultimate 5 of 5 etc that much tougher.
A 1.6 x the last leg down targets 972.
The .382 retrace of 666 to 1218 is 1002,  the 50% is 942.
New lows on the day, and we're in motion.

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