This is 1998 scenario with the recent correction of Wave 4. SPX traded near to 1400 resistance and pulled back. I noted the rally and the pull back as wave 1 and wave 2 on hourly chart as WAVE "V" in progress.
http://trend-signals.blogspot.com/2008/01/1998-scenario.html
1998 scenario: As of 1/22/08, a correction to SPX 1270 +/- target is met. As noted on 12/12 and 12/23, markets have met targeted corrections. For 1998 scenario, I have shown the wave "4" formation as of 1/22/08 on the cycle chart with EW notation. (WIP) As shown on the cycle, we have peaking 4 yr cycle with declining 8yr cycle.
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