SuperciliousOne

5th Wave Down Coming...but just the end of the begining

Short
AMEX:SPY   SPDR S&P 500 ETF TRUST
1
Given the recent volatility in the market I think we are at the 4th wave of a 5 wave correction that should end next week, before we get a sharp rebound back to .618 of the move to end a larger Wave #1 around the1945's in what I expect to be a big correction down to the 1,550 level in the S&P500 as part of a 3rd Wave down. If by chance we rally past 1945 level I could see a blow-off type top that I would look to sell long positions into. There are a ton of large cap stocks that have yet to breakdown and when they do the S&P500 will come with it.
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