AN ENDING DIAGONAL FORMATION NOW LEADS TO A RETRACE BACK TO WHERE IT STARTED at SPX 2553
Monday, May 16, 2011
Market Timing-Whats Next -May 16th WAVE E progress report
THE SYMMETRY of the above wave would indicate we are within WAVE 3 or as marked above
between waves (b) & (c)
As such the graph would also indicate an ending low equal to the difference between 1344 & 1370 =26pts
BELOW the previous low at 1250 which would set this middle at 1250, and the lower wave "C" at 1224.
the lack of a very serious plunge would seem to confirm the above also, but the day is still young.