Saturday, February 21, 2009

Here is what I am looking at now. I've added a more concise drilled down 60m SPX chart. Not sure if the bottom is in or not for wave 5.3.5. I'm seeing extended 1.3.5 calls that are pretty scarry. Either way this is just another pennant forming before furhter moves south. Looking for a couple of more confirming indicators to make positive near term trend change is in and to determine the strength of this wave. We may not nail the bottom, but better than catching a falling knife. More updates to follow.

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