broughro
Short

SHORT to 160

AMEX:SPY   SPDR S&P 500
Wave (2 ) appears to have ended in 3 wave A-B-C.

If minor wave (3) is starting now then stay short to 160 where (3) will be 1.618 times wave (1).
Trade active: Notice that the decline has now occurred as forecast and that price has now overlapped the interim high following the triangle after the (1) low late Sep. This means that the current decline can no longer be counted a 4 as many hoped that would lead to new highs.

Instead, the clear 3-3-5 expanded flat wave (2) has now officially given away to wave (3), which will likely end at 161 as suggested yesterday and we will not see these lofty levels in the market for years to come.
Trade active: (3) of 2 is now clearly in play. Watch for HUGE gap when we clear 182 heading south and be prepared to cover at 165...no need to be greedy waiting for 160.

160 should be a good time to go long for a month or two...and then, oh boy, will we ever find a floor?
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