I think yesterday marked the cycle high based on the Gann 6 month and 12 month cycle highs,although it was a little late.I posted the reversal candle in the Dow,live yesterday.Here is Permabear Doomster's chart with the fib retracement levels and bollinger bands. My best guess at the moment is a 61.8% retracement or say a 90 point fall then a bounce but lets watch and see.
Kudos to Red Dragon Leo for nailing this reversal date weeks ago in his blog.I find this slightly unsettling,given his somewhat "eccentric" methods and viewpoint :-)
Andrea Calissano has this as a correction to an ongoing trend http://www.thewavetrading.com/2013/05/23/spx-follow-up-of-the-short-term-ewp-121/
Kudos to Red Dragon Leo for nailing this reversal date weeks ago in his blog.I find this slightly unsettling,given his somewhat "eccentric" methods and viewpoint :-)
Andrea Calissano has this as a correction to an ongoing trend http://www.thewavetrading.com/2013/05/23/spx-follow-up-of-the-short-term-ewp-121/
ohh, the top one looks familiar.
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I like the second one...1630/25..lots of support there. Even if bears can somehow break that Friday/Tuesday, massive support at 1600/1597.
Another up wave yet to come.
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If no QE, I'd be bearish as hell for the early summer.
Ahh yes I "borrowed" your fine chart :-) Agree 1600 looks strong...I still find it hard to understand why Europe has performed so well,and as for how the whole Japanese "experiment" is gonna play out ....!
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