terrific tuesday..., page-57

amplitude has shown to correspond with market volatility....and not always highs in the market. a lesson learnt last year.

however, i did learn last year that by breaking down the data on a daily basis, the wave structure did provide clues on direction - i.e. up or down.

if this cycle is in play (and i do need to stress that it doesn't always work), a short term low may come in next u.s. session - followed by a bounce until early next week.

though based on technicals, the spx broke down through key daily support at 917. next key support on the daily is at about 892...on my weekly, some support at 906.

damage was done overnight and it isn't looking overly pretty - if i had to pick an ultimate target for this downtrend, approx. 850 is looking likely....by when, no clue.