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Strategies & Market Trends : Harmonic Trading with The Phoenix -- Ignore unavailable to you. Want to Upgrade?

To: the-phoenix who wrote (76)	11/19/2002 5:08:55 PM
From: the-phoenix	Read Replies (1) \| Respond to of 941

Closed my swing short on the S&P futures at the end of the day for an average of 19.75 points on the last two-thirds. I had targeted 890 for this move and it got to 892 - close enough. Will possibly re-short in the morning, though, as there is a good chance of another ten points down from today's close. Some notes: This afternoon's selloff on the futures was exactly equal in length to the first wave yesterday morning: Monday Morning: 916.75 - 903.5 = 13.25 points This Afternoon: 905.75 - 892.5 = 13.25 points Seems to me I remember reading that, in a five-wave decline, ideally the third selling wave will be equal to the first wave. So if this is the end of the third wave, then we should correct sideways to up tomorrow morning. Alternatively, we could continue down to that 886-888 support area first. A Bullish Three Drives on SPX would complete at 887, at the same area as the other supports that I have discussed the past two days. There is also a gap to fill at 886. So there may be more down left before a bounce. I will do up an updated chart later tonight.