S&P is developing a zigzag correction after completing wave 1 within wave 5 of the main bullish trend. The corrective A wave is over, B wave is over, and C wave is completing its subwave 2. At the end of wave C we are going to land just above 2000, and chances are high enough to rebound into waves 3-4-5 of the main bullish wave 5. This is likely to take us from 2000 to approx 2270. This will mark the end of the bull's show for a year or two, but I still see this as a good opportunity to collect a few $$ in a long position.
Need to watch 2000 region carefully - if Wave C is over and then after a brief correction the downward movement continues then the bearish market is likely to have set in.
Need to watch 2000 region carefully - if Wave C is over and then after a brief correction the downward movement continues then the bearish market is likely to have set in.