Technical Analysis of Financial Markets

Thursday, March 12, 2009

Short SPX500 at 750

2 comments:

nicnicnic said...

steve,

the first leg down bounced and retraced quite perfectly 50% to 877. i'm curious why you think wave IV will begin from 750 rather than from 777 which is the 50% retracement.

thanks!

Steve Puri said...

"Wave 4: Wave four is typically clearly corrective. Prices may meander sideways for an extended period, and wave four typically retraces less than 38.2% of wave three." http://en.wikipedia.org/wiki/Elliott_wave_principle

Seems like 50% extension is now progressing.