Friday, November 9, 2007

ABC Down


The decline is looking impulsive, which means we are in a wave 4 bounce now, completing perhaps in the next couple of days.

Overal, we are in a final ABC wave down, where 8/16 Low = A wave, 10/11 High = B wave and we are now in a C wave to retest the 8/16 lows.

If we can rally above the downtrend Channel and wave (1) low, currently at 1490 SPX, which is now Key resistance to overcome, then we had a ZigZag (535) down and we are headed to new Highs afterwards.

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