Wave "b" of Y should complete somewhere near 1375 tomorrow or down another 1.2%. The OEX supports near 634. The QQQQ could fall another 1.6%.
This should set up for a decent bounce into Monday next week to new recovery highs target ranges low 1425, mid 1435, high 1443. The OEX could rally to as high as 662/63.
Next week should see this wave taken out (at least most if not all of it) in 2-3 days and then a bounce into Friday.
SPX Target 1375 +/- Thursday
Started by
blustar
, May 07 2008 10:24 PM
1 reply to this topic
#1
blustar
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- Traders-Talk User
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blustar
#2
redfoliage2
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Posted 08 May 2008 - 10:00 AM
Wave "b" of Y should complete somewhere near 1375 tomorrow or down another 1.2%. The OEX supports near 634. The QQQQ could fall another 1.6%.
This should set up for a decent bounce into Monday next week to new recovery highs target ranges low 1425, mid 1435, high 1443. The OEX could rally to as high as 662/63.
Next week should see this wave taken out (at least most if not all of it) in 2-3 days and then a bounce into Friday.
I agree on your downside target. However I don't see a bounce up to 1435 next week.
