Become Greedy When Others Are Fearful - Become Fearful When Others Are Greedy

Here is an Andrews technique indicating 2 major support areas.

Draw a Median Line connecting the 2009 low with the 2010 lows...(Red Line)

Now find support drawing an EQUI-DISTANT parallels from the 2011 highs. (Blue Lines) Worst case appears to be SPX 1075 using early 2010 highs. (Green Lines).

May 2011 highs to June 2011 lows projects a fibonacci 2.618 decline to this exact 1075 area.