Tuesday, May 19, 2009
Updated SPX Channel Update
She got violated slightly, but a nice sell off occurred to bring price back into the channel. At this time I'm looking for at least the 50% line. I believe the EWTers are looking for worse possibly something near the bottom. I do not agree based on the daily indicators right now. This move will need to cause a whipsaw on the dailys for lower moves than the retracement to happen IMO. We'll see.