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Strategies & Market Trends : Visit Mr. Elliott. -- Ignore unavailable to you. Want to Upgrade?

To: hawkeyefan who wrote (631)	6/23/2007 1:57:20 PM
From: skinowski	Read Replies (2) \| Respond to of 656

149.00 was the bottom of the 4th wave of the advance from the March lows. You don't know that. It is still possible that all the ups and downs of the past weeks may prove to be W4 of the advance from March lows. Corrections have a tendency to bottom in the territory of w4 of a lower degree, but they do not have to do so. Agree about the divergences. That's one of the reasons that I think there is a bounce getting set up. But you're right, this can change in a hurry. SPY 149 is key support, and 153.66 is key resistance for the short term. In the context of the multi-year uptrend this recent volatility so far is but a blip. But the decline might get legs, especially considering the upcoming negative seasonality. We shall see.