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Monday, March 7, 2011

$SPX - Roadmap Updated

The roadmap worked well and was due for an update.  I have shown a general idea of what my symmetrical pattern predicts next.  On this particular chart, these price levels and timing are rough, and are not meant to be exact by any means.  Mainly I am looking for a move that is symmetrical to either side of the cycle line, and fit well with my other trend lines.

The main important points are:

1. $SPX likely has already topped Feb. 18, 2011.
2. $SPX 1302.50 should hold as a bottom (though I expect it to be retested as shown)
3. I propose that A=C and that both equal 38 points.  The top of C should be 1302 + 38 points = 1340.
4. Financials $Rifin should be stronger than $SPX and a slight new high seems likely.
5. A waterfall decline comes soon after the 1340 top (according to the longer term patterns).

10min Chart
 
  

12 comments:

  1. Sure enough financials are stronger. It's all in the patterns.

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  2. I think we are in for some chop.

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  3. Most likely back to 1303 now.

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  4. Financials weakening now, down we go. This market is taking each move to the extreme.

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  5. Would be extreme to retest 1303 from here as well.

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  6. looks more likely that you will get your move to 1340 from here now. Perhaps higher

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  7. I suppose yesterday morning we did see a test of 1306. I still think we see at least a decent retracement 1310-1312 maybe before more upside.

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  8. Bounced from 1312 but would not surprise me if it tests 1303!

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  9. I think flat until Friday and then up next week.

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  10. Let's see how the rest of the day goes. Financials have been holding solid today.

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