AI
Friday, August 01, 2014 10:24:38 AM
SPY long term top?
IMHO yes. If one takes a 10yr chart, and a double top near 130, the swing count for the upmove puts the objective at 194-199. This has been met, followed by numerous LT trend signals to the downside. It might be heresy, but certainly not unusual, to expect a decline of 50%-62% to follow such a fed-manipulated move.
The trendline shown has been in effect for a long long time, and will probably create enough support for a bounce. However, it is unlikely IMHO to see the seasonal low this early, and am looking for Oct-Nov low. Specifically, early Nov as some cycles bottom and the Bradley turndate occurs.
Good trading to all.
Oddlot
IMHO yes. If one takes a 10yr chart, and a double top near 130, the swing count for the upmove puts the objective at 194-199. This has been met, followed by numerous LT trend signals to the downside. It might be heresy, but certainly not unusual, to expect a decline of 50%-62% to follow such a fed-manipulated move.
The trendline shown has been in effect for a long long time, and will probably create enough support for a bounce. However, it is unlikely IMHO to see the seasonal low this early, and am looking for Oct-Nov low. Specifically, early Nov as some cycles bottom and the Bradley turndate occurs.
Good trading to all.
Oddlot
Stay on the right side of the cycle!
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