monday madness, page-41

Whether you're a bull or a bear, you've got to agree that the facts say that this is more than a blip. It was the biggest weekly % fall in the SPX since the bull started in 03, on huge volume. Its broken the highs of Feb/March 06, and in doing so broke the 50% fib retracement, both things suggesting further falls. A 62% retracement takes it down to 1437. It may bounce on Monday, tho I doubt it. A bounce off the 62% is more likely imo. Its got to bounce somewhere because its not going down in a straight line eh, but this down move has all the signs of being the mother of corrections for this bull run. The evidence suggests that any bounce needs to prove itself before we all get bullish again. However, despite the double top on SPX, it can still drop a long way yet without becoming a bear market.