It Looks Like SPX Will Fill the 1120.59/1114.05 Downside Gaps in This Downcycle Since Tuesday

It looks like SPX (S & P 500, http://bit.ly/i0nsT) will probably fill the 1120.59/1114.05 downside gaps in this downcycle since Tuesday 12-29-09, so, a cycle low target of 1110-1112 is reasonable, see the five day intraday candlestick chart at http://bit.ly/3qGxf3

SPX (S & P 500, http://bit.ly/i0nsT) appears to be in Wave 5 down of the downcycle since Tuesday 12-29-09, with Wave 1 down bottoming at mid session on Tuesday 12-29-09, Wave 2 up peaking shortly before session's end on Tuesday, Wave 3 down bottoming just after the open on Wednesday 12-30-09, Wave 4 up peaking just after the open today 12-31-09, see the five day intraday candlestick chart at http://bit.ly/3qGxf3

So, Wave 5 down is currently in progress, and, it looks like the 1120.59/1114.05 SPX downside gaps will probably get filled in this downcycle since Tuesday 12-29-09. A cycle low target of 1110-1112 is reasonable, since important cycle highs/lows tend to occur shortly after gap filling has been completed, as we've seen many times in recent weeks. Much of the time SPX is simply engaged in gap filling action.

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