Short Term Trading Member Forum

[Toppcats]

SPX~1164 critical support level which we breached today but appears we will close above. Breach here could start a rather quick decline of 10+ points on the spx. If this occurs it appears that we will then be getting rather close to some significant longer term trendlines. Tomorrow is last day of the current 'fibo -window' period; the next one occurs near Memorial Day. As Airedale noted, todays' action could be a small cycle low. Today was also important for the 'bear' perspective as the downmove was required today in order to continue to validate the e-wave model from a time perspective.
So -today - start of the next significant downwave or end of a small cycle low and tomorrow we rally on??
BTW -I remained short, took some $$ off the table. Will go 'full' short on break of spx 1164. Good trading to all!

Regards,
Gary