Toby Conner's Blog
I disagree that Friday's pump up in the market was actions of the Fed preventing the market from properly correcting. I had previously read several technicians, the day before, projecting a move to 1933 on the SP 500.
For example, www.elliottwavestockmarket.com said this on August 7,
by Lara · August 7th, 2014 · Public Analysis, SPX500 Analysis Daily, SPX500 Daily & DJIA Weekly · 0 CommentsThat being said, from my own very basic analysis, I would expect that a true low would be tested, generally with a three day test of the low.
What comes next is a similar test, that being a three-week test of the highs, near 198 on SPY. It could move higher and test the 200 level, as Toby and others suggest.