S&P short term cycle swings

[SyndicateTwo]

Here's the problem with that - watch that video that MRVLreader posted a few posts back. They have a chart that goes back to the early 80's and shows we're at that rising support.

Every primary trend has a correction at some time. Those corrections are measured as 'ABC' wave counts. They just do. We haven't had one yet of this primary trend. Now we are. The wave guys I follow are counting this is an A wave now ending, the B wave about to begin taking the S&P back up to potentially 1100ish, then the final C wave taking us potentially down to DOW 5000kish. That could happen between Sep and sometime in 2010 which will end this entire thing.

What's interesting is that the break of 740 yesterday didn't create a panic selloff as expected. It held up pretty well. That tells you the sellers for now are done with only technical traders trading mostly and playing games with support/resistance levels. They try to break them to see if it creates stop loss hits. When it doesn't, it proves the 'forced sellers' are out of the way.

For now.