Short term Target - 999 SPX

Amy999

Target - 999 SPX
by Daneric

http://2.bp.blogspot.com/_TwUS3GyHKsQ/Si2nJl6AuII/AAAAAAAAA1M/thl_AqhZAEg/s1600-h/spx11.png
The move from 951 to 926 was half accomplished in A/H's. A pre-market high of 957 started moving down and by the time the market opened it was back to 951 area for the SPX cash index. Also then in A/H's last night, the market traced a nice descending-type triangle that also didn't show up in the cash index


http://3.bp.blogspot.com/_TwUS3GyHKsQ/Si2FJdeaxKI/AAAAAAAAA08/e4v3ZwNYYvc/s1600-h/2009-06-08-TOS_CHARTS.png

Either way it looks like triangle-type waves (zig zag) due to the overlap and complexity of the overlap.


Bottom line is I won't get hung up about the cash index counts. Overall since the first market high at 949, it looks like triangle waves are tracing if you ask me so that's the way I am going with it for now.




Actually today traced a very nice zig zag up. Check it out.


There should be an [e] wave coming tomorrow. 926.44 low must hold for this to be a valid triangle pattern as I have charted. After the [e] wave, a bullish move to a new high should occur at minimum. If it is the true Minor B wave triangle than a very bullish move should occur and there will be a breakout (and backtest hold) of the 950 resistance.


A break of 926.44 to the downside is bearish for the short term. That would be a triangle failure in my book.


http://2.bp.blogspot.com/_TwUS3GyHKsQ/Si2JaHMmSFI/AAAAAAAAA1E/j8stRgWbHw8/s1600-h/60.png

EDIT: Took out the preachy part heh. The market always humbles. That I have learned the hard way many times.


Not meant to be hyperbole (maybe a little), but its my actual target via what the short term and long term waves are tracing out. If this is a B wave Minor triangle as I proposed in tonight's update, and if C = A, then another 5 wave move will take it to the cusp of 1000. So yes, 999 is my new upper target based on C = A of the final ABC zig zag.


P1 ended at 666, why not 999 for a top with that elusive 1000 never reached....keepin everyone lurching in the wrong direction for quite some time when we head down. That would be a 50% rally. And NASDAQ would be close to an actual 50% Fibonnaci retrace if it hit above 2000.


Do you suppose it has to run higher than 999? I don't. All my fanciful guesses at how P2 might trace out via a 6 or even 10 month rally, doesn't seem to be panning out. We never got much of a pullback. Just the bullhorns thru and thru. P2 has a sense of urgency about it. Maybe it only has a small window of opportunity.
The (X) wave triangle and then another ABC zig zag means a double zig zag which means P2 is over. That's straight out of the book, not something I am guessing at. There won't be no fancy flat nor some 50% retrace and then another bull run.


Fear has been correcting for almost 8 months. Soon it will be unable to correct downward anymore. The falling wedge in the VIX will result in a move HIGHER than where the falling wedge started. That's the deal.


P2 is over near mid to end of June.


Maybe they take P3 down to 333....

CoolMax

看不到图。

Amy999

LH here, can't post the chart, just use link.

reffo

rightonmoney

wlee