On Friday I showed that we needed one more decline to finish wave 1 of 5. We saw that decline today with the fall to 1,115.90 and we are currently tracing out wave two, which will encounter resistance at 1,141.74 (the top of wave iv of one lessor degree), but we can't exclude a move higher towards 1,151.56 before wave 2 ends and wave 3 down can begin. Wave 3 should reach at least the 1,057 area.Monday, May 17, 2010
S&P 500 - In wave 2 of 5 down
On Friday I showed that we needed one more decline to finish wave 1 of 5. We saw that decline today with the fall to 1,115.90 and we are currently tracing out wave two, which will encounter resistance at 1,141.74 (the top of wave iv of one lessor degree), but we can't exclude a move higher towards 1,151.56 before wave 2 ends and wave 3 down can begin. Wave 3 should reach at least the 1,057 area.
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