Thursday, August 19, 2010

S&P 500 ~ Intraday Update 1 ~ 19 August 2010

I mentioned the ES 1084 level yesterday as an important support level. This level was tested several times overnight and breached just a few minutes ago. This is not looking good for the bulls imo.

If this is not another bear trap... my guess is that wave (ii) is finished and wave (iii) is underway now.

Target for wave (iii) is 1000ish.