SP/MIB: jump up, then down!
Source: http://www.g2trader.com/index.php?option=com_contentview=articleid=49:sapmib-jump-up-then-downcatid=1:elliott-wave-theoryItemid=6Posted on Saturday, November 22nd, 2008 | In Market Commentary
S&P/MIB: jump up, then down! 
Saturday, 22 November 2008 22:49 S&P/MIB is leaning on its major support at 18.500, and it could jump up from here next week.
Targets for this tentative pullback are 20.000-20.200, or the area between 21.000 and 21.500 at most, no more. Then, index should start to fall from those levels and should end its action in the area 16.000-15.500, natural final target of this Bear market.
We are probably inside a corrective wave 4, and now we wait for the last corrective up movement before the final wave 5. I expect to see the end of this quick bull movement on 27th of November, next setup date. Eventually, if the index breaks immediately 18.500 on Monday 24th of November, I will soon change my counting.
Next setup dates are 27th of November and period 8-18th of December. During those date we could see some changes in trend. Particularly, the period 8-18th of December could intercept the bottom of the market.
Humanitas, Felicitas et Libertas omnibus!
Last 5 posts by Graziano Nanetti
- SP/MIB: go down, nice and slow ... - February 17th, 2009
- SP/MIB: the nightmare will go on - January 24th, 2009
- SP/MIB: where do we go - hypo 2 - December 20th, 2008
- SP/MIB and Bradley Siderograph: did it work this year? - December 14th, 2008
- SP500: bull trapped? - December 6th, 2008
Graziano Nanetti is an independent analyst and has years of experience in technical analysis for stocks and indexes. G Squared is born from an idea of Graziano Luciano and Graziano Nanetti, founders of G Squared.
Previously, Graziano Nanetti was the author of the financial blog RNE Trading. His blog expanded to include more detailed contents about markets and to publish the great material he received from Graziano Luciano.
Now, G Squared is aimed at pubblishing open minded financial articles about few major indexes (S&P500, S&P/MIB, Nasdaq100) belonging to financial international markets.
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