SPX (S & P 500) Is Doing Wave 4 Upcycle, Of The Monthly Downcycle Since Early February

SPX (S & P 500) is doing a countertrend Wave 4 upcycle, of the Monthly Downcycle since early February, see http://stockcharts.com/charts/gallery.html?%24spx. The huge spike move of the past two days is obviously peaking action, and, is probably/very likely not the start of an important or even semi important upcycle.

Since putting in a countertrend Wave B type cycle high very late last Wednesday 3-4-09, SPX (S & P 500) did a Wave C down type move, that bottomed very late on Friday 3-6-09, see http://finance.yahoo.com/q/ta?s=%5Espx&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=, and, is currently doing a countertrend Wave 4 upcycle, of the Monthly Downcycle since early February.

So, a good shorting opportunity is rapidly approaching, in order to trade the very large Wave 5 down type move, that should soon begin, which jives with today 3-10's extremely bearish broad market Walmart (WMT) Lead Indicator, see http://finance.yahoo.com/q/ta?s=%5EHUI&t=1d&l=off&z=l&q=l&p=&a=m26-12-9,p12,fs,w14&c=wmt,%5EGSPC.

I'll be looking to day trade ultra short today (once a Wave 5 down move begins) via probably DUG (UltraShort Oil and Gas ETF), or, SRS (UltraShort Real Estate ETF), FAZ (3x Finance Bear ETF), QID (UltraShort NASDAQ 100 (NDX) ETF), SMN (UltraShort Basic Materials ETF) etc. I also might look at the UltraShort Gold ProShares (GLL) ETF.

Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.

.......http://www.JoeFRocks.com/