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Thursday, June 24, 2010

S&P 500 - Sub wave (5) of (iii) down is under way

Sub wave (3) became deeper than my ideal target, but that's was wave threes does. Sub wave 4 therefore didn't quite make it to the ideal correction 1,101-1,102 area, but it came close with the test of 1,099.64.

We should now see 1,095.50 hold for a break below 1,088.66 for the next leg lower towards 1,081 and maybe even the 1,077-1,078 area before endning sub wave (5).

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