It's now more than a month since I was calling for this pattern medium term. I feel we are getting pretty close to a turning point ST.43 days from 6th March get us to 7th May. That's exactly the lenght we had on the last big drop (Jan-March 09'). The simetry is quite impressive. If this plays out as I think, when this leg finishes, we would see a sharp retracement (150 points at least) to get the right shoulder, maybe 200 to get SPX to 750's again.Although we could extend this rally some points,, we "must" see a very sharp and quick drop from these levels (940-960), for this pattern to play out.
Monday, May 4, 2009
Looking at The Big picture..
It's now more than a month since I was calling for this pattern medium term. I feel we are getting pretty close to a turning point ST.43 days from 6th March get us to 7th May. That's exactly the lenght we had on the last big drop (Jan-March 09'). The simetry is quite impressive. If this plays out as I think, when this leg finishes, we would see a sharp retracement (150 points at least) to get the right shoulder, maybe 200 to get SPX to 750's again.Although we could extend this rally some points,, we "must" see a very sharp and quick drop from these levels (940-960), for this pattern to play out.
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