SPDR S&P 500 (SPY): QQQQ PnF... That PNF daily QQQQ chart...

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Re: denmo83 post# 23630

Friday, 08/31/2007 9:22:55 AM

Friday, August 31, 2007 9:22:55 AM

QQQQ PnF...

That PNF daily QQQQ chart now says Double Top Breakout as of yesterday. The measured move got adjusted up from 50.68 to 55.18.

I don't follow PnF charts regularly. If they had the measured move going to 50.68, a "Double Top Breakout" should have been factored into their target.

Why now up the price projection?

Just trying to learn a new trick, but it reminds me of Elliot wave, how the count changes. Not sure that I care for it. Seems like once a target is achieved, a retrench/consolidation should occur.

Say the market swoons. Do they abandon the higher targets and make a low projection? I'll keep watching this as it's got my interest.

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