5.24.2012

It seems that I was right when granted 51% to the possibility of an (a)(b)(c) correction move instead of the possibility that wave 4 had ended at 1328.49.

SPX
With yesterday's afternoon green bounce when price couldn't break down the trend line (red). It seems that I was right when granted 51% to the possibility of an (a)(b)(c) correction move instead of the possibility that wave 4 had ended at 1328.49.
However this (a)(b)(c) correction move needs to be confirmed by leaving it's trace at somewhere between 1328.xx - 1339.xx.
There still a smaller possibility that price would go down to break 1291.98 from yesterday's close or from a level lower than 1328.49 and I have to be prepared for this.
My Trading Plan
I would consider to go long for today.


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