Monday, August 8, 2011

S&P 500 ~ EOD Update ~ 8 August 2011

Another amazing day! Down 80 handles today!

Only two weeks ago the SPX was trading around 1350 and today it closed at 1120!

So far the fractal works perfectly and we're "only" about 6 % away from my target (1055). In this area wave [iii] is 2.61*wave [i] and at 1040 is some strong support so I think the 1040 to 1065 area could be a target for this third wave.

Tomorrow the boys at the FED want to say some stuff so I think we'll see another very interesting day.