SPX went to 768 pivot point in 2 days, I covered my SPX short but likely opening it soon again (just a bit trading for as this bear market won´t aloud us to stay at the long side). 

Silent unviolent plunge from 800 to 768 appears to be small W1 for me, likely small and tiny W2 upwave ahead which should not violate SPX800 (in most often W2 comes 50 – 78.6% of W1 size with price and time attitude).

This might take a day, half or few (not important factor actually for anyone else as most nifty traders), then 5/5/3 down should follow ending below 700. Toxic assetts in US is going to be one subject on next week – more toxic bills to pay for US taxpayers, god help them.

Btw. By kontratieff point of view, market cycle is 8,6 years. If we multiply that with X 365 we end 3138 fibonacci number days. This targeted day seems to pinpoint for 23.4- 2009 based for work  by Amstrong famous PI model. I do assume if we would take 3138 days looking behind far enough this chart is going to hit to the very meaningfull place where market turned last time.

There´s cycle downtrend bottom knocking our doors allready when and if we start to approach closer to the SPX 600 calm waters, but I do afraid we didn´t get this easy. Next autumn might come as ugly as previous one bringing a new downwave impulse for us – but it´s a little bit too early to look that far yet.

Slow motion is a bear market attitude. Everything moves much slower phase as during bull market: Peoble in the streets, cars and even a music tempo. Did you know that most classical music tempo were much slower in 193X. Here´s some stunning performaces from US. From the program format which ideally describe some psychology behind the bull market sceme.

http://www.youtube.com/watch?v=jLa5qYP_HCw

Enjoy the weekend & spring,

Market Geometry