SPX formation shows a potential Megaphone RST formation correction as I commented on $BKX and $TRAN megaphone formations. The RST correction will lead to SPX 1500 +/- projection. DOW also shows RST formation projecting DOW 13000 +/-. This scenario is not as bearish as zig-zag correction. Markets reversed at the lower supports, SPX 1260 and DOW 11183 which are the lower RST supports, with high volumes. Successful outcome of market actions will lead to the projected targets. The next significant turn date is 9/10/2008.
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