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goodguy

S&P 500: Is this an expanded flat correction??

SPDR S&P 500 ETF TRUST (AMEX:SPY)  
goodguy Uppdaterad   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Wave Analysis spy500 EWT
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waveanalysis spy500 ewt
In EWT one type of correction is 3-3-5 called an expanded flat.
see:http://www.elliottwave.net/educational/basictenets/basics3.htm
IFFFF that is what is happening now often the correction will go to .62-.78 return to the first way down. (target zone) shown. Watch for price action at this level which suggests the winds have changed to down.
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IFFF this count is correct we could get a reversal in the next couple of days. We'll see.

snapshot
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Of course the price could even go up further to form a double top.
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