Scenario 3 is more likely now. Minuette Wave 4)c.3:5 extends because of the Dow Theory Bear Market signal. This count is out of consideration when there is a close above last Tuesday close. Strategy 3. Keep long "Short position".
Scenario 1, voided now. Intermediate Wave 4)c ended Wednesday 21, 2007 as a running correction 3-3-3, or a double zigzag. Intermediate Wave 5) began Friday 23, 2007 with 181.84, 23.93, 34.45 points jump. Scenario 2, unlikely now. Friday 23, 2007 rebound was the beginning of the second right shoulder as expected, which will end below 25 dSMA and 200 dSMA and the first right shoulder. Strategy 2. Open long position when there is a higher high. Close long position near target when there is a lower low. Find an appropriate exit point for the long "Short position". Re-enter long "Short position" when there is a lower low near 25 and 200 dSMA or top of the first right shoulder.
Short "Short position" entered, set stop at the last high, due to lower low and "sHs" and "M" pattern.
Measured move reached. Prepare to open short "Short position" if there is a lower low and set stop at the last high.
Beat me to it Mu The 50% is just above as well... Key area's this for the bears. If they don't come out to play at the 50% then we could be labling this i,ii,iii if the 61.8% goes.
Exactly! I needed to see the SPX stay above the 1404 level today and it certainly looks like we have done that, and MORE . . .