ELLIOTT Wave

IMO< THIS NAILS IT

THIS was posted by JB Van Orman on a Yahoo group

On Tuesday, the SPX traded between 789 and 819 to close at 789, down
4.6%. The market is down 4.5% in February, 12.6% in 2009, and 49.9%
from the all-time high.

Resistance is 803 followed by 817 and 828. Support is 779 followed by
769 and 755.

The intermediate trend is down (0 on a scale of 0 to 100). Technical
and momentum indicators are strongly oversold (81 on a scale of 0 to
100).

In wave terms, the market in in the third of five waves down. Wave 1
was 944 to 804. Wave 2 was 804 to 878, a 53% retracement. Wave i of 3
was 878 to 813. Wave ii of 3 was 813 to 875, a 95% retracement.

Wave iii of 3 is in progress. To date, it has traveled from 875 to
789. Given the strongly oversold reading in my work at the close, I
think iii of 3 is near an end. The support of 769/779 noted above may
be that end, with a bounce to the low 800s to follow as wave iv of 3.
Wave v of 3 would follow and take out the 741 November low.

Beyond wave 3, I anticipate the five wave move down from 944 to end
in the first ten days of March. I see 673/690 at a minimum -- this
represents the last long-standing triggered downside target in my
work with 769/789 having been hit today. A close below 673 would open
the door to a new target of 577/592.

Im expecting the next few days to pick up and rebound into the NEW moon on the 24th and OR
the 27th, the next Bradely date

March 2nd follows as the next bradley date, and being so close it should represent a very srtong DOWNTURN as indicated above for an important low between march 4th 7 10th

Today has potential to rebound and hit a high at 10 to 11 am TOMRROW
the 19th should then sell off into the close and or open on Friday
Friday has potential to be a strong rally day

SPX levels as mentioned above by JB

More Later
Jay