A 38.2% Retracement of SPX's Rise Since 3-6-09 Implies a Decline/Wave 1 Type Downcycle to 935ish
A 38.2% Fibonacci retracement of SPX's (S & P 500, http://bit.ly/i0nsT) rise since 3-6-09 (666.79 to 1101.36 = +434.57 points x 0.382 = -166 point decline = 935.36 SPX Fibonacci target) implies a decline/Wave 1 type Downcycle to 935ish, filling the 940.38 downside gap, but not 905.84.
SPX's (S & P 500, http://bit.ly/i0nsT) upcycle since 10-2-09 peaked yesterday 10-21-09, after rolling over dramatically, putting in a bearish spike on a dark candle today, see the daily candlestick chart at http://bit.ly/i0nsT, see the five day intraday candlestick chart at http://bit.ly/nzwcN, and, see the one day intraday candlestick chart at http://bit.ly/A9Qr5. Yesterday's spike is larger/more bearish than the spike that occurred on 9-23-09.
.......http://www.JoeFRocks.com/
SPX's (S & P 500, http://bit.ly/i0nsT) upcycle since 10-2-09 peaked yesterday 10-21-09, after rolling over dramatically, putting in a bearish spike on a dark candle today, see the daily candlestick chart at http://bit.ly/i0nsT, see the five day intraday candlestick chart at http://bit.ly/nzwcN, and, see the one day intraday candlestick chart at http://bit.ly/A9Qr5. Yesterday's spike is larger/more bearish than the spike that occurred on 9-23-09.
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
8:49 AM
2 Comments:
The SPX decline since early yesterday 10-21-09 is a Short Term Wave 1 Downcycle to fill 1073.19 downside gap, then Wave 2/Wave B up occurs, followed by a BIG Wave 3 downcycle.
By
Joe Ferrazzano, at 9:08 AM
Bernanke spiked the punch again! Added $65.101 Billion in the five day period ending 10-21-09, see http://bit.ly/Ys2ds.
By
Joe Ferrazzano, at 2:02 PM
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