On Monday we had an uptrending day for the cash S&P500. If the bulls want to keep the rally from March going they must move the market above the May 2 high before 1384.11 can be broken. If this can be done we would have to conclude that the shallow decline from May 2 to May 9 was an “x” wave. However, I believe the odds favor the bears here. A move below 1384.11 before breaking the May 2 high opens the door to the “b” wave scenario described yesterday.Tuesday, 13 May 2008
Can the Bulls Keep it Going?
On Monday we had an uptrending day for the cash S&P500. If the bulls want to keep the rally from March going they must move the market above the May 2 high before 1384.11 can be broken. If this can be done we would have to conclude that the shallow decline from May 2 to May 9 was an “x” wave. However, I believe the odds favor the bears here. A move below 1384.11 before breaking the May 2 high opens the door to the “b” wave scenario described yesterday.
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