This is what I see on a 5-min frame
there has been a drop to 1093-1094 and then a sideways chop.
It does not look like an impulsive rush down to me, but the sideways chop looks ike a wave B or part of a wave B.
So, the correction may have more to go, but, at this time, it does not look like the beginning of a collapse to me.
Looks can be deceiving, waves can change and morph, and, more importantly, I may be wrong, so, I let my levels do the job for me.
I really wouldn't like the bulls to spend a lot of time below 1085-1090.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago