Mika's Commentaries
Aug
19
2010
SPX,
by Mika
Overall Rating:
Well, something ugly indeed came down but also something beauty was also build.
That´s not end yet. There is more to come because pattern is relative big and it does have in fact ratio for response impulse depending of the cont. triangle size. There is first MACD rollover now with current bottom but it doesn´t mean anything without divergence yet. Swing down is 2.618 by size.
I think it is end of B wave triangle dropping C wave(s) down.
Not calling "premature" end or any kind of tsunami in here, but likely just one another regular minus day or days ahead tomorrow and sure, this impulse can retrace up also first before C proceeds further with it but I would see that road pretty limited as upside retracement, 50% or 61.8 % as max ?
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