SPDR S&P 500 (SPY)

[2bit-nothing]

Blasher,

Here it comes. I normally count 5 waves inside a channel and Fib them. It is self explanatory in the chart. I guess the bigger channel has more dominant power and 5th wave is not a retracement else it would have fallen back into the smaller channel. It seems at this point that the 5th wave is an extension inside the bigger channel. Therefore (4)*1.618 = 10*1.618 to (4)*2.1= 10*2.1=21 . approximately 16 to 21 points. From bottom of (4) OEX 430 + 16 (to 21) = 446 to 451 which is where the EMA 233 magnet is. Do not short unless it falls out of the channel. If everything goes like this the 6th wave is the one that will fall out of this bearish upward sloping channel.

2bit