the day after melbournes earthquake wednesday, page-5

The SPX has now almost retraced 61.8% of the entire fall from the high earlier in the year. The good thing is that this now allows the market more downside - perhaps a pullback to the top of my head and shoulders bottom - without damaging my long term predictions. But - and now there is a but - it also opens up the alternative count that we have done an ABC up and the market is about to continue its downtrend. I don't favour that alternative but just want to put it out there.

I am always very conscious of sentiment so will be very interested in trying to judge sentiment here today. Been pretty abysmal.