Watermelon Wednesday, page-22

@hoots ... SPI ... Seems to be "running" multiples of 61.8% intervals AND in an Impulsive manner(E.W. = 5 waver). So that very likely means we should be looking for ~ the 5410 level. Now that level would be perfect in terms of EWT; i.e. wave 5 = wave 1 and after a near perfect wave 3 = 1.618% of wave 1. Sure, I don't place too much emphasis on EWT BUT do prefer to identify "Wave personality"...i.e. Impulsive vs Corrective and this minor move from yesterday's high certainly looks impulsive in that degree BUT very likely a wave [A] down of the next larger degree corrective wave ... Well that's the way I would be viewing this move atm.

Its very possible that the bounce from our very near-term 5434.5 (Double Bottom) is a failed 5th(it reached 61.8% of wave 1) BUT that doesn't change the overall view that our move from the 5568.5H is very likely Impulsive and therefore we should see more downside ultimately before that high is taken out. Any rally from between the 5410 - 5434.5 level could take us back as far as 5518 and probably closer to 5489 IMHO before going much lower.

Of course, for the real BEARs out there this move down from the 5568.5H to today's low(or lower?) is merely a Wave [1] of a larger degree Impulsive move down and not my favoured(atm) corrective Wave [A].

Mind you, I hate "forecasting" levels in this market ... or generally ... so I will let the market itself do the talking!