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Sunday, March 14, 2010 4:08:50 AM
$SPX 3y Weekly
Interestingly, wave Y = wave W. Wave 2's typically retrace .618 of wave 1. We're still not there. If a final zigzag is occurring--Z, then it may propel us .618 % of Y, or 100% of Y. I've included the two possible targets for Z. Also note the fibonacci cluster of the .618 retrace level of wave 1, and the .618 extension of wave Y where Z = .618 of Y, thus a higher probability termination point for primary wave 2 (which is a triple corrective WXYXZ).
Interestingly, wave Y = wave W. Wave 2's typically retrace .618 of wave 1. We're still not there. If a final zigzag is occurring--Z, then it may propel us .618 % of Y, or 100% of Y. I've included the two possible targets for Z. Also note the fibonacci cluster of the .618 retrace level of wave 1, and the .618 extension of wave Y where Z = .618 of Y, thus a higher probability termination point for primary wave 2 (which is a triple corrective WXYXZ).
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