[1] As is obvious secular direction of the market is down. The low of the previous leg up ( commencing 8/16/07 to 10/11/2007) has been taken out with the low today for the first time.
[2] Again it is a given there is extreme fear in the markets which might spark a short covering rally.
[3] There is also the fact that the 1353 level is the 62.5% retracement mark for the leg up from 6//16/2006 to /10/11/2007.
The last two factors might come together and cause a halt in the relentless downslide. However much as I may wish otherwise in all likelihood the trend will re-asert itself , probably around 1450 levels on the S&P 500 cash.
Rakesh
EAdamy <eadamy@xxxxxxxxxxxx> wrote:
Update of my previously posted daily SPX is attached. So far, SPX has gotten within 14 handles of my target area. I have a Wolf Wave marked out in magenta along with the previous WW which signaled the Nov 26 reversal. I believe we are in a reversal zone, whether or not the WW is triggered at 1358+- today, 1355+- Thursday.
Earl
From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of WaveTrader Sent: Wednesday,
January 16, 2008 6:57 AM To: realtraders@xxxxxxxxxxxxxxx Subject: [RT] SP bullish gartley
1350-56 should be could support for SP. Very nice bullish gartley and also a smaller extended abc. From here I'am expecting a rally.