The market got closer to the 1296 level today and at this point its impossible to tell if it will hold (just like its impossible to tell if politicians can agree on debt and taxes). But like I said yesterday, I'm looking for 1296 or the 200 day MA at 1284 to hold and then rally. Looking at the waves, if 1296 its breached then the count would have these 5 impulsive waves down as part of a C wave or a bearish 3W.. it will all depend on how these levels hold.
I find it interesting that several weeks of negotiation in Washington has yielded nothing. And if the US defaults, a recession and a major market correction will be likely. All because these guys can't agree.. they can't even agree with people in their own party.
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