Monday, 9 July 2012

S&P is ending move from 1310

S&P as expected last week has found support at 1350. That was our 4th wave target. Now it is ready to continue the upward move that started at 1310. Wave 5 has already started and our first target is 1380-90 area. A move under Friday's low will complete 5 waves down from 1375 high and decrease dramatically any chance to move above 1375. 

Our most possible scenario is that we have finished wave iv and already are in wave v. At this point bulls don't want the correction to overlap wave i at 1335 and of course to stay above 1310-05 level. Bulls should be very cautious and on high alert as the market looks like it is topping.

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