S&P 500--Tuesday Morning, March 10, 2009
Could the bear market rally long awaited and frequently despaired of be about to begin? Even Marc Faber is calling for it now. THe downturn--despite all the negative chatter--paused around a fibonacci level yesterday (2.058--or aprroximately 674). And for those who care about such things, it was an inside day.
Even if we do get the rally, this pattern, if valid, would project a completion at a lower level (2.618), which would correspond to roughly 580 on S&P.
