I have been writing posts on forecasting SPX index direction since July. For those who visit my blog frequently, I think it is a good time to summarize how we've been doing so far.
On July 18 when SPX index was around 1065, I forecasted that it will move to 1120 level based on the wave counts. The original post can be found here.
Then on Aug 5th, after SPX index hit my target of 1120 level, I called the top reversal based on complicated Elliot wave formation and intermarket relationships between US equity and USD/CAD. The original post can be found here.
Again on Aug 19th, I opined on another post that SPX index will fail to move above the 50 day MA, based on candlesticks formation and some other indicators. The original post can be found here. In that post I also pointed out the most critical support level SPX index need to penetrate in order for the coming big drop to take hold.
Today, we have it. SPX broke down the cement support level (1060-1075) and backed up to test it but failed! Now we are below the support line and quietly approaching the internal trend line highlighted in yellow. Once this line breaks, SPX index is likely to unfold a massive continued downside movement.
狗仔卡
发表于 2010-8-26 05:36 PM
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
发表于 2010-8-26 06:01 PM
