Wednesday, December 2, 2009

Wednesday 12/2/09 Market Update

A 1 minute chart of the S&P 500 is shown above. Waves (iv) and (v) of [i] of C of (Z) of [2] appear to have completed today. It looks like a wave [ii] single zigzag correction is underway that should carry into tomorrow's trading. Wave (b) of that zigzag is nearing completion so expect lower prices tomorrow.

If prices break down to the point that the low 1090s are challenged with a sharp sell-off tomorrow, wave B is probably still completing.

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