3.06.2012

An orderly pullback seen and that may lead to a correction of the W5

11.42am

The third day of this pullback becomes a sell off. This clearly results in a correction and I think we may apply this correction to the whole wave 3 that began from 12/20/2011. In this scenario we may expect the 1-st target of this correction is about 1335.30 (Fib 23.6) if the price is to close below the 1348.70. In this case, I would better be waiting to play the possible rebound by tomorrow at 1335.30. 
The contrary if SPX can close itself above 1348.70 today, a rebound at open tomorrow is very probable.


The pullback is orderly and bulls need to fight hard today to make a viable rebound from [1356.20 - 1359.13] otherwise the ball will belong to bears who would lead a correction targeting 1348.70 +/-0.10.

Trading of 3/6/2012
A rebound before a touching of [1356.20 - 1359.13] is a sell.

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