Monday, November 21, 2011

S&P 500 ~ EOD Update ~ 21 November 2011

The SPX hit my target of 1190 today:

The market even dipped below it intraday but closed above it. As said many times already I think the 1190ish level is very crucial.

If we get a convincing break and close below this level (yesterday's low - 1190ish) I think wave (C) to below 1070 has started. As long as this level holds though the downtrend since late October could only be an abc correction (as shown in the chart above). So, the next days will be very interesting. ; )