SPX Update -17/02/2012

The ideal projection for wave (v) of 5 is complete. It is now highly likely that the move that started in mid-December will correct/reverse. Price must lead the way, better not get ahead of ourselves. 

First, we need to close below the 1335-1340 area, preferably with a sharp move (gap down on Mon/Tue). That will signify that wave 5 is being corrected/reversed. 

If you are lucky to be positioned long since December do not exit before this happens. Failure to close below 1335 can mean that the fifth wave is sub-dividing, or that the wavecount needs to be revised into something more bullish.

Second, we need to close below 1300 in less than 2 weeks to confirm that the move since mid-December is being corrected/reversed.