Sunday, May 16, 2010
More Weakness Ahead
Not much new to add or project from what I've been posting last week. The five wave drop into Friday's low tells us that the larger trend is probably down. Seeing as that this may be a wave 3 of 3 of 3 or C means that the selling may be extremely intense. The late day rally from Friday I tentatively labeled wave C of ii. It's quite shallow so I think it's quite possible for a much deeper sharp rally Monday to finish off wave ii. However looking at the S&P futures down double digits this evening makes me want to possibly count wave ii complete already, and that wave iii of (iii) of  or C might possibly get underway Monday.
1174 in the S&P cash index remains key for the short term bears.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.