Click on picture to enlarge
Fed decision creates a highly suspect rally. Further investigation shows possibility of A-B-C correction with wave "C" becoming a "Triple Zig-Zag". Peak of zig-zag closes almost directly on our hypothesized "Wave 1". Calculation of 100% x length based on *closing prices*. A gap open higher than 1323 would compromise the projected drop to 1,244 OR 1,216.
Looking at a possible *bankruptcy* for an NYSE listed company.
In the above picture I included an alternate count of the SPX to show what buyers could expect if my downward projection is proved to be false.
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OUTCOME
UPDATE MARCH 25TH.
Rally was infact a correction. We predicted a bankruptcy would take place for the Wave 5 characteristics. For more details GOOGLE= Bear Stearns JP Morgan Bailout.
Speculative first support level = 1244
Actual support level= 1256.98
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