Tomorrow is looking like it will most likely open higher but I will be looking to fade this rally. Since the SP500 low of 666.79 we have yet to have a significant correction. Obviously a correction is due. If this is part of an ABC correction we still need to have a C leg. This push up can't get past 832 without invalidating it as being a correction. A .618 retrace of the rally from 666 to 832 would land close to 730 on the SP500 which is where the C leg should take us close to. Good luck trading.
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http://jackschartpatterns.blogspot.com/2009/04/gap-and-crap.html?showComment=1238687820000#c5059562069925648731'> April 2, 2009 at 10:57 AM
Since the rally moved past 832 then this is not an ABC correction. I see the max upward move to be 845. This doesn't mean it will reach 845. The market is going to tumble soon and fall back into the 700's.
http://jackschartpatterns.blogspot.com/2009/04/gap-and-crap.html?showComment=1238687940000#c7109091285595564972'> April 2, 2009 at 10:59 AM
That ABC correction has not arrived yet. A should be here shortly.
http://jackschartpatterns.blogspot.com/2009/04/gap-and-crap.html?showComment=1238713860000#c4200329656348213070'> April 2, 2009 at 6:11 PM
SPX 666 coming
http://jackschartpatterns.blogspot.com/2009/04/gap-and-crap.html?showComment=1238718060000#c8041859459947040694'> April 2, 2009 at 7:21 PM
Not quite. Per wave theory there should be about a 61.8% correction of the rally from 666. Then we rally higher. Don't worry...666 will be broken before the end of the year. Those bulls are going to be in for a big surprise.