The market's off 16.60 at 1341.05. I think this is the "Y" from Daneric's W-X-Y count and a result of the bearish Gartley pattern we saw conclude yesterday.
http://danericselliottwaves.blogspot.com/2011/05/elliott-wave-update-10-may-2011.html
While SPX could easily continue down, I'd be watching for a bounce at:
(a) 1333 -- the long term trendline from the Oct '07 high (stopped the last decline cold); or,
(b) 1329.17 -- the previous low, and support from the trendline beginning 4/18.
If we can clear those levels, I've got my fork ready. Otherwise, I'm thinking one more frenzied, pull-out-all-the-stops push to 1370-1390 before P[3]'s finally here.
