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-Todd
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2 comments:
Dear Todd,
Same as you, I lost some in last week since I thought SPX was bearish.
I think now, it should be a top of ABC. You see, the length and timing are both similar to "741 to 943". So, it should be a down trend wedge with 5 waves (3-3-3-3-3 structure). My target is around 594.
Your feedback pls.
Edward
Thanks for the comment. So you think an "ending diagonal" formed? It's possible. Although I don't think it's the end of the big rally overall and that it will head to new lows from here. The reason is the time factor. The overall decline started in Oct. 2007 and ended in March 2008. That's 17 months of declines. So it should take months, not one month, to correct that decline. More time needs to go by before a top is in.
That's my opinion though. But I do believe a big decline in the short term is coming very soon.
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