S&P500 fell sharply lower on Friday, but
only into third leg down from 1573 top. Decline from the top is labeled as an
a)-b)-c) which is a corrective pull-back, called a zig-zag. This is a bullish pattern
which means that uptrend could resume while 1540 is not breached, especially if
we consider that recovery from latest swing low is already showing impulsive
qualities. The next thing is that we want to stay with a larger trend, which is
clear up on stocks, so push back to the highs should not be a surprise.
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