Stocks Update - 10/29/09

It looks like the first down leg completed 3 points above the 1039 support area. The most likely time for the top of this up leg is the middle or end of next week. The strength of the up move will determine if the correction is going to be a flat, triangle or a zigzag. If its's a sideways correction the high of this wave will be somewhere around the October high.

Stocks Update - 10/28/09

The S&P 500 today closed below the 1050 support area. The price action today was bearish and the wave structure does not look complete. This move could continue down into early next week as the next swing cycle zone is 11/2 - 11/4. Next support is at 1039 and 1020. The wave count is still unclear. Best guess is this is the first leg down of a larger correction that may continue 2-3 more weeks. It's not clear at this point whether this is the first wave down of a sideways correction or a zigzag.