891.8/8600/1217.75 define turnaround tuesday down to up - wave iii of 1 of V of A??

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3026812

trading segments in the S&P seem to be about 37 points long, so this morning's decline from 927 globex at 921.5 hourly could be over. (in te old days, getting 10-15 point segments was all there was)

However, a 3rd wave with a gap opening should be given the benefit of the doubt with a possibility that wave 1 was 1003.8 to 904.5(1008.5-897) and then wave 3 could be a multiple of 99 or 111. from the high at 962.5 yesterday morning's globex trap. (940 hourly high could have to subtract 22.5 from the targets below)

1.382 times 111(99)= 962.5-153.4(138)= 809.1(824.5)

1.5 times 111(99) = 962.5-166.5(150) = 796(812)

1.618 times 111(99) = 962.5-179.6(160)=752.9(802.5)

we will see. for the time being i sold a Nov 940 call on yeterday for 51 and a Nov 980 call last week at 16 and bought a Nov 840 put for 14.

late yesterday I sold a dow future at 8840 and looking to take profits around 8500

seeing as how beared up I am, I have to be aware that the alternate count would have the S&P still in a triangle with another pop to 975 possible and 1080 improbably

on the stock front, pretty much everything is down a few percent after a nice rally yesterday

however GERN is holding over $4.5 and EBS just under $20. CBST looking like an add over $27
OSIR looking like an add over $20

UNG was mentioned on Fast Money and of course is down today with Oil and Nat Gas both falling. However Nat Gas over $7 and then over $7.3 will look bullish indeed

ASEI up $7 on good earnings oh well i sold it at $63 a few days ago sincel i could not chance it after Obama won. this high at $70+- could be it. if it keeps rallying i will be accumulating again

http://stockcharts.com/charts/candleglance.php?GERN,OSIR,STEM,CUR,EBS,QCOR,MYGN,CBST,ung,asei|C


at 11am it looks like the hourly print will be sideways with a slight under cut of 888 (which happens to be the closing futures price on 10/10/2008 when many declared a capitulation bottom

hold short and scalp on weakness under 891(?) - with 855 a wonderful priceto buy in October