EW S&P 2010/2012

From S2.
at http://caldaroew.spaces.live.com/

Obviously, even if I'm right about the 450ish or 300ish or lower price targets in 2010-2011, the path could vary wildly from my projection, and I reserve the right to adjust it. However, in the short-term, my expectations are that the 979 price pivot area and uptrend line from 667 will cause temporary bounces in the short-term with 850-950 seeing a number of gyrations into end of year. The down move could be faster but 850-950 has such historical significance and price-volume action going back to the last recession and even the 1990s,

Regardless, when the 850 area finally breaks, that is when I think SPX will enter the heart of 3 of 3/C down slowing down near 667-741 but ultimately punching through to 550-600 at the end of wave 3 of 3/C and then reaching a final panic wave 5 of /C3 down to 450ish or 300ish in fall 2010. The subsequent bounce and drop would likely retrace much of the low as part of wave 1-2 or A-B in early 2011 before dragging higher into summer 2011 and possibly setting yet another new low to 350, 200 or lower if SPX needs to complete a 5th wave down from October 2007 rather than just an ABC.