SPDR S&P 500 (SPY): Probably a little relief rally is needed...

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Re: blasher post# 114913

Thursday, 06/21/2012 8:00:09 PM

Thursday, June 21, 2012 8:00:09 PM

Probably a little relief rally is needed from this heavy selling, but I think the general trend is down. According to elliot wave theory: If this was wave 2 up that topped at 1363 a few days ago, then we are now in wave 3 down (4 up and 5 down still to come). If This is wave 3, then the initial target is low 1100s.

Wave 1 down: 1426-1266=140
Wave 2 up: peaked at 1363.
So wave 3 target is 1363-140x1.62=1120

Enjoy wink

wink

I am short since 1340.

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