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Strategies & Market Trends : CFZ E-Wiggle Workspace -- Ignore unavailable to you. Want to Upgrade?

To: jaker who wrote (10249)	4/6/2009 9:41:07 AM
From: skinowski	Read Replies (4) \| Respond to of 41420

At this time if SPX pulls back to test the 814-ish area and then swings up to new highs, I'd be quite suspicious that it may be forming an Ending Diagonal (hourly) starting on March 20th. In that case, the first down target would be 766 -- the origin of the (putative) ED. The question of whether the March rally was an impulse or a correction is an important one, and it still remains open. If (IF) the ED I mentioned above actually plays out, then 766 will become an important support. For as long as it holds, the larger outlook will retain a bullish bias. (766 would be the low of Wave 4 and approx. 50% retracement of the rally).