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To: Henry J Costanzo who wrote (146997)7/31/2007 8:16:24 PM
From: Shack  Read Replies (1) | Respond to of 209892
 
SPX is close.... hasn't yet..but should follow suit shortly

If...(and its a big if at this point), the SP/ES futures open where they are right now (7 below fair value), then the SPX will actually gap down over it....hyper-bearish.



To: Henry J Costanzo who wrote (146997)7/31/2007 8:48:28 PM
From: skinowski  Read Replies (2) | Respond to of 209892
 
A little more wave talk... The presumed W4 (June lows) of the advance since March didn't hold. Therefore, the odds are that the decline is "correcting" not just the wave since last March, but the advance of the next larger degree -- which would be (imo) the entire rally since Oct 2005. The next big test would be the Wave 4 of that advance - namely, the March lows. Circa 12K on Indu and ~1365 on SPX.


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