Ultimate targets for the SP500 are still between 1120 and 1150ish but there is a support level here for an intermediate bounce. Again I think most of the elliotwavers are intellectializing the markets and will miss the trade looking for waves that are not there...as happend with this current move down. The 5th wave never happend on the intraday charts and it is quite likely that the there will be another theoretical missed wave on the EW dailies. Bounce at trendline will likely produce a lower high and then proceed to emmulate the 10 year Treasury Bond indicated on this chart with the blue line. We have diverged significantly for the last 6 months. The equity market should start to look like that chart.
