(Z) S&P 500 (60 min.

)
“c”

This is my best interpretation of the wave structure based on the price action and logic. The model favors a final
grind/push to 1128. I’m labelling the overall bounce up from the early Feb lows a b-wave, which means I’m
expecting a punishing c-wave lower within the next few weeks.

-y-
1128

-w-
(c)
[b] (x)
(d)
-x- (b)
This (c)-wave was
261.8% of (a), exactly.

[a]
-w-
[c] -x-
(a) (w)

(a) Flats or Zig-Zigs that

channel perfectly almost
(c) always lead to x-wave
(b)

The second wave lower was probably an

“expanding” triangle which would explain why the
countertrend rally that followed was so slow in
developing.
(e)
-y- of a

Andy’s Technical Commentary__________________________________________________________________________________________________

(Z) S&P 500 mini Futures (180 min.)
“c”

The reason short term model confidence is low is that we could just as easily be looking at this development where an (abc)
correction finished as we had thought, but now we’re going to lapse into an -x- wave development which will precede another (abc)
move higher. It’s never easy being a short….

-w-
(c)
[5]
[3]
[.5]
-x-
[.3]

[.4]
-x-
[.1] [4]

[1]
-w- [.2]

(a) [2]

(b) REPRINTED FROM 2/25/2010

-y-

Andy’s Technical Commentary__________________________________________________________________________________________________

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interpretation of technical analysis. The author may or may not I or A = Supercycle
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opposite of what may by inferred by this report. The information -I- or -A- = Primary
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