Thursday, May 20, 2010

5/20 2:20


I was close enough on the bottom call.  If I am right about this wave count and the bounce then 1100 is about where time intersects with the SPX M/A and 1120 would invalidate the (iv) count. 
Bouncing off of the 220-day M/A should produce a sizeable bounce but my bet is that this one will be muted since it was tested previously and the downward momentum is established.
So wave (iii) is complete, wave (iv) is in progress and wave (v) should go below the panic low.

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