Thursday, August 18, 2011

S&P 500 ~ Intraday Update 1 ~ 18 August 2011

Well... markets were calming down... : )

The SPX already opened below both support levels (1170/80) indicating that wave [v] was underway:

Wave [i] was 110 points thus if wave [v] equals [i] the target for [v] is around 1100 (possible double bottom). It'd be a bit short in time though so we might see a fifth wave extension down to much lower levels.
Well, let's see how the waves unfold so that we hopefully can determine which count is underway.