Tuesday, August 17, 2010

S&P 500 ~ Opening Bell Update 17 August 2010

So far from the 1069 low we got three waves up thus it could be counted as a completed wave (ii).

Since it didn't even hit the 38 % retracement of wave (i) I don't think this is all of wave (ii). Thus, this is probably wave w of a double zigzag. ([A] of w = [C] of w)

Wave x could fill today's gap (right around the 50 % retracement of w) and then we'll get another rally to 1100 to complete wave (ii) later this week.