Quote from Landis82:
07-10-07 10:50 PM
Looks like the SPX is in a DIAGONAL TRIANGLE 5th WAVE ( each leg of a diagonal is 3-waves ). This structure is evident in the latest rally off the late June lows.
The second wave down is just about complete with today's downside action. The .618% retracement of the recent rally off the late June lows comes thru at 1503 SPX.
Look for a low to be made in that area over the next day or two.
After that, we should see a Wave 3 rally back up towards the 1534 area, atleast.