Thursday, April 14, 2011
$SPX - Similar to 2007 Top
In a previous post I had said that we were forming a top similar to the 2007 top due to the cycles. That appears to be the case from the following chart comparisons.
I had also said that April 15th was important +/- in my timing cycles. I thought it would mark a bottom and it did, but it wasn't the large decline just yet. It marked the bottom of a smaller decline at 1303. This is still within the topping process similar to the 2007 top. We should rally back up into the 1330's now.
I am anticipating a freefall to the calculated target at 1206 in May. I will update a timing estimate and explain further at a later date.
This is the 2007 top. Remember, we are trading from right to left.