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Wednesday, February 6, 2013

Wednesday

I have been saying for months that 1490 to 1520 was the target, but you too may see the Fibonacci relation that appears to be pointing to 1560.  1520 should offer resistance, but 1560 would complete the pattern.

I'm not good with timing, but it could take another week before the really big decline starts.   1469 will be a significant break as will 1439. 

As I said a few posts ago, it did not look like the blow off had occurred.  The Bulls still own this market and the euphoria has not peaked just yet.  In fact the candlesticks confirmed a Buy signal today.  And if you look at the pattern you may agree the past few days appears to be a base for one more upward move.

The SPX seems to show off the Andrews Pitchfork better than the futures

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