SSEC and !@@$##%#$T$%Y%^&%^&

While writing about SSEC last night, I attached the chart up-dated till 27th July 2009.Due to some issue with the hmtl stuffs, the chart was not shown. So @#@$%$#!@!#%#....... and here is the chart that was supposed to be there.



Fig 1 SSEC weekly chart supposed to show on previous article

So right after I mentioned of a correction pending, the market today was in shock with SSEC dropping a distance of 280 point. Markets all over the world panic and everyone selling in the morning. Surprisingly SSEC recovered with only 62 down from its top by the end of the day.



Fig 2 SSEC Daily

Many people are talking about the collapse of China market and some went back to the article I read on CNA last night. Some even reference back to 1920s and 1980s crash on Wall Street. Yes, these crashes will happen, but at a bottom formation?

Looking at the chart, this is far from remote resemblance of a market crash. The most I can say is a correction. I following the Gann Gridlines and Fan lines. Seems like SSEC is stopped by multiple support.

So my best bet? If my wave count is correct, This should be a minor wave and and 4th wave is 0.618 of wave 2.So the correction value is around 231, which the index has already fulfilled.

Worst case scenario would be this being the 4th wave and we should be having a drop of around 500 point from 3439 leading to 2939.