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[blustar]

Yesterday was the 8 day cycle top off the 16 day top, or 3X8=24 days. Looking at the megaphone pattern, we now should see a break of the previous lows of the pattern and a test of the .382 retracement area. That would put us squarely around the mid-to upper 1180's SPX by Nov 1, the 16 day cycle +/- 4 days and fractal to April 15th low in 2008. It should be a choppy decline. The trend still favors the bulls on the IT, but the ST is now down. Next week should see a huge rally from Tues to Friday. Could easily be in the SPX 1260's by then.