Our most possible wave count regarding S&P is depicted in the chart we post today. It is most possible that this index is finishing the corrective wave C and most probable bottom level is the 61,8% retracement at 1426. This area will provide a good bounce back upwards for S&P. I believe the correction will end here. If further downward movement breaks those level, bulls should start to worry about the longer term trend. The last stand will be at 1397, but any move close to that level will increase the chances of a break of 1397. All in all, we stated many times before the sharp decline that bulls should be very cautious of an impeding turn around. Now it is time for bulls to feel more comfortable around the 1725 support level. The pattern of the decline could very well be corrective and soon if not already finished. Another leg up I expect to follow.....
Thank you for reading my thoughts.........
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