chart300407, page-2

SP could go lower before it goes higher.

BLR has risen from 25.5 to 30.5 in a week, (wave1, Elliott Wave Theory).

"The most likely retracement for Wave 2 is 50% or 61.8% of Wave 1. Wave 2 will usually retrace less than 80% of Wave 1 ."
http://www.geocities.com/WallStreet/Exchange/9807/Charts/SP500-Articles/EWRules.htm

Blr has already retraced 50%, (30.5 - 25.5 = 5), (30.5 - 28.0 = 2.5), during part of today.
A 61.8% drop would mean 27.5 & 76.4% would be 26.5 & the support of the wedge, (red line on chart).

Just a thought,
DYOR
Chalea