Andy’s Technical Commentary__________________________________________________________________________________________________
S&P 500 Daily: Wave Discussion
In last week‟s discussion we said: “the market appears destined for a test of 1154.” That has essentially come to pass with
theS&P500 ticking a low of 1158.67. The market is now at a difficult position to judge
it has achieved some minimum downside
targets and is very oversold. Therefore, it‟s almost tempting to buy this thing for a shorter term trade; however, it has s
signs of “bottoming action.” The best bet is for
shorter term traders to cover current shortsand wait to see if there are any signs of abounce.
Longer term investors should
have been out of this market long ago…
It’s impossible to know what shape this current
b-wave is going to take. Presented here is an
-wave that should take twice as long as the a-wave.