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Post# of 51799
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techcharter

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techcharter

Re: techcharter post# 45731

Friday, 07/29/2011 10:35:23 AM

Friday, July 29, 2011 10:35:23 AM

Post# of 51799
GULP!!!

The futures market still shows support and a completed Wave 1 which has lasted about a week. The price tagged the lower channel.

This morning's INDU SPX opening bottomed well below the lower channel line. The rate of change to the downside increased instead of slowing. This changes the SPX downside target to 1245 if today was a wave 3 of 3.

The futures market looks stronger than the open market.

I'm still going to stick my wallet out and say Wave 2 should start today. The headlines at the end of the day will be "stocks recover early selloff DESPITE lower GDP", and "Investors Optimistic the Debt Ceiling will be Raised."

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