T-3 is short with a triple fence ‘stop reverse’ at 1402.50 right now.
Wednesday, April 4, 2012
If the top is in, there are 3 possible patterns that are very likely.
#1, SP futs. drops down to 1270 to 1320ish and then rallies back up. That is why we need to watch those support levels.(1292.80 and 1266.11 cash~ spx)
#2, SP ignores those support levels and drops to 1100 + or - and puts in an "X" wave base (maybe near July 4) that it can begin to build from again. Possibly going all the way back to 1420 to 1550.
#3, SP has finished the "B" wave up and will drop approx. 875 points to a level where the "c" is near equal to the decline of the "A" wave. This one will give us a target near 550 SP cash.
at 4:18 PM