turning point?, page-31

Too many threads today to choose from. Anyway I'll post on this one.

IMO Terry Laundry has been right on the money with this bear market and he might be spot on again with this last downleg. Similar to Robbbb he had a turn date at 17th (or 14th Nov), which TL called as a high prior to a final leg down. So we had a gap up bounce at 3810 on the 14th and the US had a big bounce off the triple bottom on the 13th then slightly higher high/retest of top of its downtrend channel on 14th.

He has been calling a fall from that turn date to a low around 27th Nov which seems about right to me. We fell 340pts from 4280 to 3940 support then another 340pts to 3600 next support - total 700pts, in 9 trading days. So another 700 drop gives us about 2900 approx 27th Nov-ish.

3600 was major major support IMO for us as it was the bottom of our downtrend channel since 6400, and as I suggested about 1 week ago, was a high risk of falling through the bottom of this channel as it was the 3rd test of the bottom and the previous bounce only got to the 38.2fib. So today, IMO means we now head directly to 3260 next support then finally the 2800-2900 low (then our EOY rally back to 4200 or 4600 early next year).

With SPX Futures right on its 3600 equivalent at the moment, at the apex of a descending triangle, IMO tonight they will follow and we will see a big move down. Looking at their high of about 1020, support at 850, a break down will target a low of about 650-680 by about 27 Nov.