Daily chart of the S&P500 above - Shows potential 5 wave completion. If that holds can see retracement to the 38.2% to 50% of the entire move which ties in to roughly 1340/1390 right back into that previous value area.
Alavi
Friday, July 18, 2008
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alavi [17:43:22]> cleon - potentioal wave 3 from 1235 - to 1320 and then wave 5 ending
somewhere between 1340 and 1380
cleon [17:43:58]> ok, thx alavi, ill go over your chart with this info, thx again
alavi [17:45:02]> thinking the full rtracement from 1200 completes 5 waves
alavi [17:46:52]> wave 1 1200-1289, wave 2 1289-1235 , wave 3 - 1235 to 1320/1335 area
, wave 4 tests to 1295/1310 and then wave 5 ending somewhere b/w 1340 and 1380 -
wave 3 , 4, 5 are approximations we'll see what they do
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