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SP500 Update 2 Jan 11

SP500 Update 2 Jan 11

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Published by AndysTechnicals

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Categories:Types, Business/Law
Published by: AndysTechnicals on Jan 02, 2011
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Andy¶s Technical Commentary__________________________________________________________________________________________________9/1/2000
< III >
( Z )
-A -
S&P 500 ~ Weekly Non-Log Scale
( W )( X )( Y )( X )
-B -
( Z )
³e´³a´³b´³c´³d´³e´³f´
( W )
³g´
( X )
³a´³b´
( Y )
³c´
( X )
³a´³b´³c´³d´
This is a ³diametric,´ a seven-legged corrective pattern that takes the shape of either a ³bow tie´ or a ³diamond.´ The ³diametric is a probably amorphed Orthodox ³double zig-zag.´ 
³a´
 
³c´
( A )
³b´
( B )
³y´c
( C )
-C -2012?
³w´³x´ab
In wave parlance, we should be at the tail-end of an Intermediate (B) wave within Primary-C-, right in the middle of Cycle Wave <IV> which began in late 2000. Given the idea thatwe¶re in a (B) wave, it¶s worth remembering these words from Prechter:
³B waves are phonies. They are sucker plays, bull traps,speculators¶ paradise, orgies of odd-lotter mentality or expressions of dumb institutional complacency (or both).They often involve a focus on a narrow list of stocks, are often³unconfirmed´ but other averages, are rarely technically strong, and are virtually always doomed to completeretracement by wave C.´ 
INDEED!
 
Andy¶s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Weekly Non-Log Scale
³c´
( A )
³y´c
-5-
³w´³x´ab
-1--2--3--4-alt: (A)
1255 1313
O
ne of the axioms of wave counting is this: ³If there is way for a wave to take longer to complete,assume it will.´ This has been especially true of this current (B) Wave. Notice how long it has takenthe S&P 500 to take back the 1255 level from its lows. It took only 24 weeks to drop 590 S&P pointswhile it has taken 95 weeks to take it back. The point is that both the structure of the move off thelows and the time it has taken to rally, relative to the previous drop, are all strong clues that this rally isa corrective (B) wave.
( B )
Critical Inflection Zone
 
Andy¶s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Daily with RSI
( A )
³y´c
-5-
³w´g³x´ab
-1--2--3--4-
This is as sharp of RSI Divergence as we have seen in quite some time. There is only oneinescapable conclusion:
e¶re about to see A LOT of volatility 
. Because, this sort of situation will only be resolved by a severe acceleration higher (which sets a new high on theRSI) or an imminent puke out.
( B )
abcde

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