Friday, November 21, 2008
Thrust to New Lows Still Underway; Nov 21, 2008
The thrust down from the triangle is still underway and in full force. Above is a close up of the 15min S&P wave count I'm proposing now. This is my best shot at what's unfolding. The market should continue to chop lower in the upcoming days, but today is option expiration day and sometimes it throws a wrench in the Elliott Wave count. But regardless of today's action, the market is headed lower.
Yesterday was a huge day for the bears as they broke through various key support levels that have been in place for years, and then closed below them. This action is very bearish, especially if they close below them again today.
Look for the selling to continue to the 600-650 level in the S&P with the possibility of a few short lived but fierce snap back rallies.