Wednesday, August 05, 2020 11:17:25 PM
S&P Cypher hit target 2 at the 1.27 extension.
We have a gap fill now from the big gap down in Feb. So what's next, will we see profit taking? If so this would be a perfect place to do so and would set up a potentially bigger Cypher pattern that would have a target exactly at another gap fill from mid May.
And then if that were to happen, the projected target back to the upside would break the all time high and also hit the projected target from Peter Eliades as well.
The key on the Cypher would be to be a buyer at point D at the gap fill and ride it back up to all time highs.
It would be about a 14% drop from current levels which is not out of the norm for such a big move up.
We have a gap fill now from the big gap down in Feb. So what's next, will we see profit taking? If so this would be a perfect place to do so and would set up a potentially bigger Cypher pattern that would have a target exactly at another gap fill from mid May.
And then if that were to happen, the projected target back to the upside would break the all time high and also hit the projected target from Peter Eliades as well.
The key on the Cypher would be to be a buyer at point D at the gap fill and ride it back up to all time highs.
It would be about a 14% drop from current levels which is not out of the norm for such a big move up.
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