SPDR S&P 500 (SPY)

[Fox13]

Gleno: this chart is a follow up of the NDX waves, previously posted. It should be a nightmare for an anti-chartist, because today the index spanned precisely over one fractal Fibonacci step. It topped at the 61.8% and dropped all the way to the 50%. These steps are not produced ad hoc: they were previously posted. A true chartist would explain that NDX can go much lower if it closes tomorrow under 1911.40, or - if it closes above 1953.16 - it will continue the C wave and go higher. Well, thank you…..that’s exactly what I hate about some kind of TA - its inability to take a decision NOW. This is probably so because gurus try to sell you something, and it is in their advantage to keep you in a state of suspense and fear…so that you subscribe. But I am not one of them. I took some money out of the market, sold 3 times puts during the last hour and at the end I took a small short position, just to remember tomorrow that I have an opinion: the top was a top, the volume was convincing, and I see NDX at the beginning of the next wave down.