I posted S&P 500 at a critical and pivotal point 3 days ago:
http://web.wenxuecity.com/BBSView.php?SubID=finance&MsgID=1079018
Now, this triangle is apparently broken, and the market tell us the next big wave is likely a big downward one. First support level at 1337.17 (Fibonacci 38.2%) is broken. The next support is at 1321.86 (Fibonacci 50% retracement), and then 1306.55 (Fibonacci 61.8% retracement).
However, don't bet everything in short position though. It will NOT go straight down as always. I expect the market go down a little bit more to around 1320 level and then trade up and then sideline for rest of next week or so. It's also possible to retrace back to 1360. My calculation and estimate is that the big down wave will actually start in early May and reach to its capitulation in the week of May 12. JIHO.
This is TA and Predict short term market movement is always difficult and deemed to failure. This is only for entertainment but don't use this to trade your real money or you take your own risk.
